UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934. Date of Report (Date of earliest event reported): April 13, 1998
LANNETT COMPANY, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-9036 23-0787-699
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State or other Jurisdiction Commission I.R.S. Employer
of Incorporation or Organization File Number Identification No.
9000 State Road, Philadelphia, PA 19136
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Address of Principal Executive Offices and Zip Code
Registrant's telephone number, including area code: (215) 333-9000
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Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
The independent accountants who previously audited the financial
statements of Lannett Company, Inc. ("Company") for the fiscal year ended
June 30, 1997 and prior years, Grant Thornton LLP, were notified by the
Company on April 13, 1998 that the Company had elected not to utilize the
services of Grant Thornton LLP in connection with the audit of the Company's
1998 financial statements. Grant Thornton LLP's reports on the Company's
financial statements for the fiscal years ended June 30, 1997 and June 30,
1996 did not contain an adverse opinion or a disclaimer of opinion; nor were
such reports qualified or modified as to uncertainty, audit scope or
accounting principles. During the Company's two most recent fiscal years
ended June 30, 1997 and June 30, 1996 and the subsequent interim period
preceding April 13, 1998, there were no disagreements between the Company and
Grant Thornton LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which
disagreement, if not resolved to the satisfaction of Grant Thornton LLP would
have caused it to make reference to the subject matter of the disagreement in
connection with its report. The Company did not experience any of the events
listed in Item 304 of Regulation S-B as defined as "reportable events" within
the Company's two most recent fiscal years ended June 30, 1997 and June 30,
1996 and the subsequent interim period preceding April 13, 1998.
The Company will report in a subsequent 8-K regarding the engagement of
a new independent accountant. The decision to change accountants was approved
by the Company's Board of Directors.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) 16.1 Letter from Grant Thornton LLP
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
LANNETT COMPANY, INC
By: /s/ Jeffrey M. Moshal
Vice President Finance
Date: April 16, 1998
Exhibit 16
[ Letterhead of Grant Thornton LLP ]
April 16, 1998
Securities and Exchange Commission
Washington, DC 20549
Re: Lannett Company, Inc.
File No. 0-9036
Dear Sir or Madam:
We have read Item 4 of the Form 8-K of Lannett Company, Inc. dated April 16,
1998, and agree with the statements contained therein.
Very truly yours,
/s/ Grant Thornton LLP
