Lannett Voluntarily Conducts Internal Review in Response to Inquiry from Connecticut Attorney General Received in July 2014
16 September 2014 - 9:54PM
Business Wire
--Company Concludes It Is in Compliance with
Applicable Laws and Regulations
Lannett Company, Inc. (NYSE: LCI) today announced that upon
receipt of the subpoena from the State of Connecticut Office of the
Attorney General it voluntarily engaged outside counsel and other
experts to conduct an internal review focusing on the company’s
pricing practices for digoxin. The review has been completed and
the company concluded that it has acted in compliance with
applicable laws and regulations with regard to the pricing of
digoxin.
As previously announced, the company received interrogatories
and a subpoena in July 2014 from the State of Connecticut Office of
the Attorney General concerning its investigation into pricing of
digoxin. According to the subpoena, the Connecticut Attorney
General is investigating whether anyone engaged in any activities
that resulted in (a) fixing, maintaining or controlling prices of
digoxin or (b) allocating and dividing customers or territories
relating to the sale of digoxin in violation of Connecticut
antitrust law.
“We have and will continue to fully cooperate with the
Connecticut Attorney General’s ongoing investigation. Furthermore,
we acted quickly to conduct an exhaustive review of our pricing
practices,” said Arthur Bedrosian, president and chief executive
officer of Lannett. “Results of the review, which included the
examination of well over 700,000 documents, confirm our belief that
the company has and continues to adhere to applicable laws and
regulations with regard to pricing of digoxin. We took the inquiry
from the Connecticut Attorney General very seriously and conducted
the review, in part, to demonstrate to our stockholders and
employees that we have acted in compliance with all applicable
rules and regulations regarding the pricing of digoxin.”
About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures,
packages, markets and distributes generic pharmaceutical products
for a wide range of medical indications. For more information,
visit the company’s website at www.lannett.com.
This news release contains certain statements of a
forward-looking nature relating to future events or future business
performance. Any such statements, including, but not limited to,
management’s belief that the company is in compliance with
applicable laws and regulations with regard to pricing of all of
its products, especially digoxin, whether expressed or implied, are
subject to risks and uncertainties which can cause actual results
to differ materially from those currently anticipated due to a
number of factors which include, but are not limited to, the
difficulty in predicting the timing or outcome of FDA or other
regulatory approvals or actions, the ability to successfully
commercialize products upon approval, Lannett’s estimated or
anticipated future financial results, future inventory levels,
future competition or pricing, future levels of operating expenses,
product development efforts or performance, and other risk factors
discussed in the company’s Form 10-K and other documents filed with
the Securities and Exchange Commission from time to time. These
forward-looking statements represent the company's judgment as of
the date of this news release. The company disclaims any intent or
obligation to update these forward-looking statements.
Robert Jaffe Co., LLCRobert Jaffe, 424-288-4098
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