SAN DIEGO & PHILADELPHIA--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Lannett Company (NYSE: LCI) have filed a shareholder complaint against the company's officers and directors for breaches of fiduciary duty from 2013 to the present for their role in allegedly causing Lannett to engage in a price-fixing scheme to attain its revenue goals and artificially inflate its common stock. Lannett develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products in the United States.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/lannett-company-nov-2018/
Lannett Accused of Price-Fixing and Misleading Investors
According to the complaint, since 2013, Lannett's business strategy has been based on the company's ability to increase prices on its generic drugs by collusively entering into industry-wide anti-competitive agreements with other generic drug manufacturers. Extensive regulatory investigations have 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. Capitalizing on Lannett's artificially inflated stock prices, certain defendants 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.
Lannett Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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