If you purchased or acquired the publicly traded common stock of Lannett Company, Inc. (“Lannett” or the “Company”) during the period from July 15, 2014 and October 31, 2017, inclusive, and were damaged thereby, you could receive a payment from a proposed class action settlement (the “Settlement”).
PLEASE READ THE NOTICE CAREFULLY.
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SUBMIT A CLAIM FORM |
The only way to be eligible to get a payment is to submit a Proof of Claim. Proofs of Claim must be postmarked or submitted online by April 2, 2026. See response to question 11 in the Notice. |
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EXCLUDE YOURSELF |
You will receive no payment if you exclude yourself from the Settlement. However, this is the only option that allows you to ever be part of any other lawsuit against the Defendants or Released Defendants’ Parties regarding the legal claims in this case. Requests for exclusion must be postmarked by March 13, 2026. See response to question 14 in the Notice. |
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OBJECT |
You may write to the Court to object to the Settlement, the Plan of Allocation, the request for attorneys’ fees, costs, and expenses, and/or any request for awards to Plaintiffs. In doing so, you may express your reasons for objecting. You will still be a member of the Settlement Class even if you file an objection. Objections must be filed by March 13, 2026. See response to question 19 in the Notice. |
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GO TO THE HEARING |
You may ask to speak in Court during the Settlement Hearing. Requests to speak must be filed by March 13, 2026. See responses to questions 21-23 in the Notice. |
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DO NOTHING |
If you do nothing, you will not receive any payment and you will not be able to ever be part of any other lawsuit regarding the legal claims in this case. |
The Court will hold a Settlement Hearing on April 16, 2026, at 12:30 p.m. at the United States District Court, James A. Byrne United States Courthouse, 601 Market Street, Courtroom 10-A, Philadelphia, PA 19106. At this hearing, the Court will consider whether the proposed Settlement is fair, reasonable, and adequate and should be approved; whether an Order and Final Judgment as provided in the Amended Stipulation of Settlement (the “Stipulation”) should be entered; and whether the proposed Plan of Allocation should be approved. If there are objections, the Court will consider them and will listen to people who have asked to speak at the hearing. The Court may also decide how much should be awarded to Plaintiffs’ Counsel for attorneys’ fees and expenses, and whether to approve any requested awards to Plaintiffs for their service to the Settlement Class.
What is this case about?
The proposed Settlement will resolve all claims asserted in the Action, which was brought on behalf of a class of investors in the shares of Lannett during the Class Period. In general, the Action alleges that Defendants violated the federal securities laws because they allegedly made material misrepresentations and/or omissions about the generic drug market, whether Lannett was aware that drug prices were not being set in a competitive market, and the potential impact on Lannett of investigations into purported industry price-fixing agreements. Defendants have denied and continue to deny to the fullest extent possible each, any, and all allegations of wrongdoing, fault, liability, or damage whatsoever asserted in the Action. Defendants believe all of the statements identified in the lawsuit were materially accurate when made and that they genuinely believed, and had a reasonable basis to believe, that they were accurate.
The Settlement Benefits
Defendants have agreed to pay or cause to be paid U.S. $5,750,000 in cash (the “Settlement Amount”) into a settlement fund (the “Settlement Fund”) for the benefit of the Settlement Class. If the Settlement is approved by the Court and becomes effective, the Net Settlement Fund – consisting of: (a) the Settlement Amount plus interest (net of taxes) earned thereon, minus (b) Notice and Administration Expenses, Court-approved plaintiffs’ attorneys’ fees and expenses, and any Court-approved awards to Plaintiffs – will be allocated among all “Authorized Claimants” (i.e., among those eligible Settlement Class Members who timely submit valid Claim Forms). Notice and Administration Expenses include the costs of printing and mailing the Notice and the costs of claims administration and processing. Distribution to Authorized Claimants will be made according to a plan of allocation to be approved by the Court.
In return, if the Settlement is approved and becomes effective, the Action will be dismissed, and all Settlement Class Members who have not excluded themselves from the Settlement Class will be deemed to have waived, released, relinquished and forever discharged with prejudice all Released Claims against all Defendants and the other “Released Defendants’ Parties,” whether or not such Settlement Class Members submit a Claim Form.
Further Information
This website and the Notice summarize the Settlement. For more details regarding the Settlement, please reference the Stipulation or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:
Claims Administrator:
Utesch v. Lannett Company, Inc., et al.
A.B. Data, Ltd.
P.O. Box 173112
Milwaukee, WI 53217
Tel: 1-877-316-0186
Lead Counsel:
Mitchell M.Z. Twersky, Esq.
Lawrence D. Levit, Esq.
ABRAHAM, FRUCHTER & TWERSKY, LLP
450 Seventh Avenue
38th Floor
New York, NY 10123
Tel: (212) 279-5050
mtwersky@aftlaw.com
llevit@aftlaw.com