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Juan E. Monteverde, a partner at
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Lannett Company, Inc. (“LCI” or the “Company”) (NYSE:LCI) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval of the 2014 Long-Term Incentive Plan and an amendment to the Company’s Certificate of Incorporation.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on December 17, 2013, the Board of Directors recommends that Lannett’s shareholders vote to approve the 2014 Long-Term Incentive Plan to set aside 3,000,000 shares for stock option grants and/or restricted stock awards. In addition, the Board of Directors recommends that Lannett’s shareholders vote to approve an amendment to the Company’s Certificate of Incorporation to increase the number of shares of common stock that the Company is authorized to issue from 50,000,000 to 100,000,000. The issuance of the additional shares could have a substantial dilutive effect on the shares of Lannett common stock.
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