Philadelphia, PA – February 15, 2006 – Lannett Company, Inc. (AMEX:LCI), a manufacturer of generic pharmaceuticals, today announced that a Form 4 incorrectly indicated Arthur Bedrosian, the company’s president and CEO, purchased shares of Lannett Company common stock in the open market on February 6, 2006. In fact, Mr. Bedrosian purchased 2,300 shares on February 8, 2006 after the company had issued its fiscal 2006 second quarter financial results. An amended Form 4 was filed today reflecting the correct date the shares were purchased.

The company also announced that Mr. Bedrosian purchased an additional 1,000 shares of Lannett Company common stock today and a properly executed Form 4 was filed with the U. S. Securities and Exchange Commission (SEC).

About Lannett Company:
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of indications. For more information, visit Lannett Company’s website at www.lannett.com.