Embattled generic drug maker Lannett Company (LCI -10.8%) is down on modestly higher volume after reporting Q1 results after the close yesterday. Sales were flat and earnings were off 17%.
The company, and many of its generic compatriots, are facing lawsuits from a range of U.S. states and an investigation by the U.S. Department of Justice. On May 1, it and one of its employees received written notice from a number of state attorneys general that they plan to bring charges of price-fixing and anti-competitive behavior related to certain of its products (10-Q, page 22-25).
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