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Lannett Slides 15% After Pricing 5 Mln Shares at $5 Each

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Uploaded by on Dec 14, 2010

Lannett (LCI) is down after pricing 5 million shares at $5 each in a public offering. The company has offered 2.5 milllion shares of common stock and a selling stockholder of the company has offered 2.5 million shares of common stock. The offering is expected to close on or about Dec. 17.

The company has also granted the underwriters a 30-day option to purchase up to 750,000 shares to cover over-allotments, if any.

The stock is trading down 14.99% or 0.88 cents at $4.99.

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