<PAGE> 1
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): October 24, 2000
LANNETT COMPANY, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-9036 23-0787-699
-------------------------------- ----------- ------------------
State or other Jurisdiction Commission I.R.S. Employer
of Incorporation or Organization File Number Identification No.
9000 State Road, Philadelphia, PA 19136
---------------------------------------------------
Address of Principal Executive Offices and Zip Code
Registrant's telephone number, including area code: (215) 333-9000
<PAGE> 2
ITEM 5. OTHER ITEMS
The following is a press release describing a legal settlement:
LANNETT SETTLES LITIGATION ON FAVORABLE TERMS
* Chemical manufacturer agrees to pay Lannett $1.5 Million in breach of
contract dispute
PHILADELPHIA, PA -- Lannett Company, Inc., (OTC "LANN") a generic
pharmaceutical manufacturer located in Philadelphia, PA, has received a
significant favorable cash settlement in connection with a lawsuit it filed
against a chemical manufacturer. The terms of the settlement provided for a cash
payment to Lannett of approximately $1.5 Million which was received in the
fiscal quarter ended September 30, 2000.
The lawsuit was initiated after a chemical supplier of Lannett failed
to supply Lannett with raw material for its manufacturing process, despite the
existence of a signed five-year supply contract between the companies. Lannett
alleged that the breach of contract delayed the introduction of one of its
products into the marketplace.
"This cash settlement will help us maintain healthy liquidity levels as
we continue our aggressive new product development activities," says Bill
Farber, President and Chief Executive Officer of Lannett.
Lannett is currently working on approximately 15 new prescription
product offerings. The company's current products serve a diverse range of
medical treatments, including Attention-Deficit-Hyperactivity-Disorder, Pain
Management, Irritable Bowel Syndrome, Allergies, Weight Management, Epilepsy,
and AIDS. Lannett has approximately 80 employees and manufactures both
prescription and over-the-counter generic drugs. Company revenues for the fiscal
year ended June 30, 2000 were approximately $11.5 Million.
For more information and interviews, please contact Lawrence
Dalesandro, Chief Operating Officer, at 215/333-9000.
<PAGE> 3
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: October 24, 2000
