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): January 4, 2000
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
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
On December 22, 1999, William Farber, the President, Chief Executive
Officer, and Chairman of the Board of Lannett Company, Inc., exercised his
right to convert a convertible debenture dated December 22, 1991. The
convertible debenture relates to a term loan dated August 30, 1991. The
principal balance on the loan was $2,000,000 and the conversion rate of the
loan was four (4) shares of common stock for every $1.00 of indebtedness. The
interest on the loan was paid to date; therefore, the transaction converted
the $2,000,000 of indebtedness to 8,000,000 shares of Lannett Company, Inc.
common stock. The purpose of this transaction was to convert $2,000,000 of
loan debt to equity in Lannett Company, Inc. As of the date of this
conversion transaction, Mr. Farber beneficially owns 9,174,986 shares of
common stock, which constitutes 69.5% of the common stock outstanding (based
upon 13,205,220 shares of common stock outstanding as of December 22, 1999).
Although William Farber had effective ownership control of Lannett Company,
Inc. prior to this conversion transaction, this transaction gave him official
majority ownership control.
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/ Larry Dalesandro
Chief Operating Officer
Date: January 4, 2000
