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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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.If you own common stock in Lannett Company, Inc. and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/LCI or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330. Attorney Advertising. (C) 2013 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.