Lannett Amends Bylaws To Repeal Fee Shifting Provision

PHILADELPHIA, July 9, 2015 /PRNewswire/ -- Lannett Company, Inc. LCI today announced that its Board of Directors has amended the corporation's bylaws to repeal Article XII in its entirety, effective July 31, 2015.  By repealing Article XII, the company has removed the provision in its bylaws which sought to shift the legal fees associated with certain types of shareholder litigation to the plaintiff-shareholder if the shareholder's lawsuit was unsuccessful.

"The board adopted the original provision in an effort to deter frivolous shareholder claims, which can be costly to our shareholders," said Arthur Bedrosian, chief executive officer.  "Given the sentiment in the Delaware legislature, the board has repealed Article XII."

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.

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SOURCE Lannett Company, Inc.