HENDERSONVILLE, TN / ACCESSWIRE / July 19, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, announces that Lannett Company (NYSE:LCI) may face damages caused by a pending securities lawsuit action lawsuit. Lannett develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products in the United States.
Shareholder Class Action Alleging Lannett Made Materially False and Misleading Statements Survives Motion to Dismiss
Investors filed a class action complaint against Lannett for alleged violations of the Securities Exchange Act of 1934. According to the complaint, since 2013, Lannett's business strategy has been to collusively enter into industry-wide anti-competitive agreements with other generic drug manufacturers. Extensive regulatory investigations revealed that Lannett was involved in an industry-wide conspiracy to fix prices and allocate territories for the sale of at least 18 different generic medications. Nevertheless, Lannett insiders misled investors by stating that price increases were the result of legitimate and competitive market forces contrary to their knowledge that the market was being driven by antitrust violations. The complaint further alleges that Lannett insiders misrepresented the scope of their investigations into potential antitrust violations and the likelihood that Lannett would be implicated in the broader price-fixing procecutions. Capitalizing on Lannett's artificially inflated stock prices, certain executives made nearly $10 million in insider sales. As a result of its price-fixing, Lannett is now defending itself against regulatory inquiries and investigations and private lawsuits alleging securities fraud, consumer deception, and violations of state and federal antitrust laws. On May 15, 2019, U.S. District Court Judge Wendy Beetlestone denied Lannett's motion to dismiss plaintiffs' complaint, paving the way for litigation to proceed.
Sharehoders of Lannett Are Enouraged to Contact Timothy L. Miles
If you purchased Lannett securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to [email protected]. If you inquire by email please include your mailing address, telephone number, and the number and dates of shares purchased.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney from Nashville, Tennessee. Mr. Miles maintains the AV Preeminent Rating by Martindale-Hubbell, their highest rating for both legal ability and ethics, and is a is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, and is also a supurb rated attorney by Avvo, and the only class action lawyer in Nashville with an Avvo rating of 10, their highest rating available. Awards: Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo); Distinguished Lawyer (Lawyers of Disinction, 2019); America's Most Honored Professionals 2018 - Top 1% (The American Registry 2016-2018).
Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: [email protected] Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles