The information contained on this website is only a summary of the information presented in more detail in the Notice of Proposed Settlement of Class Action. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The Notice of Proposed Settlement of Class Action (“Notice”) has been sent under Rule 23 of the Federal Rules of Civil Procedure and a July 31, 2019 Order of the United States District Court for the Eastern District of Pennsylvania (the “Court”). The Notice informs Settlement Class Members of the pendency of this class action (the “Litigation”) between Lead Plaintiffs Soe Wong and Michael Hoeltzel and Defendants Lannett, Timothy C. Crew and Marty P. Galvan (“Defendants”) and the proposed $300,000 settlement (the “Settlement”) and of the hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement as well as counsel's application for fees, costs, and expenses.
Lead Plaintiffs’ principal reason for entering into the Settlement is the benefit to the Settlement Class now, without further risk or the delays inherent in continued litigation. The cash benefit under the Settlement must be considered against the significant risk that a smaller recovery- or, indeed, no recovery at all - might be achieved after contested motions, trial, and likely appeals, a process that could last several years into the future. For the Defendants, who have denied and continue to deny all allegations of liability, fault, or wrongdoing whatsoever, the principal reason for entering into the Settlement is to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, especially in complex cases such as this Litigation. Defendants have concluded that further conduct of this Litigation could be protracted and distracting.
The Settlement Class consists of:
All persons who purchased or otherwise acquired Lannett common stock from February 8, 2018 through and including August 17, 2018, and held such stock through the close of trading on August 17, 2018 and sustained damages, except those Persons and entities that are excluded.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A PROOF OF CLAIM FORM
||The only way to be eligible to receive a payment from the Settlement. Proof of Claim forms must be postmarked or submitted online on or before December 13, 2019.
||Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims being resolved by this Settlement. Exclusions must be postmarked on or before December 16, 2019.
||Write to the Court about why you do not like the settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a Member of the Settlement Class. Objections must be received by the Court and counsel on or before December 5, 2019.
|GO TO A HEARING ON FEBRAURY 7, 2020
||Requests to speak must be received, along with your objections, by the Court and counsel on or before December 5, 2019.
||Receive no payment. You will, however, still be a Member of the Settlement Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation.
How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-833-216-4462; or emailing info@LannettSecuritiesSettlement.com; or mailing a letter to:
Lannett Company, Inc. Securities Settlement
c/o JND Legal Administration
P.O. Box 91153
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.