Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SMITH KEVIN
  2. Issuer Name and Ticker or Trading Symbol
LANNETT CO INC [LCI]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice President
(Last)
(First)
(Middle)
9000 STATE ROAD
3. Date of Earliest Transaction (Month/Day/Year)
02/19/2014
(Street)

PHILADELPHIA, PA 19136
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/19/2014   M   8,000 A $ 5.18 67,566 D  
Common Stock 02/19/2014   S   8,000 D $ 45.73 59,566 D  
Common Stock 02/19/2014   M   5,943 A $ 4.03 65,509 D  
Common Stock 02/19/2014   S   5,943 D $ 45.68 59,566 D  
Common Stock 02/19/2014   M   5,333 A $ 2.8 64,899 D  
Common Stock 02/19/2014   S   5,333 D $ 45.36 59,566 D  
Common Stock 02/19/2014   M   1,666 A $ 3.55 61,232 D  
Common Stock 02/19/2014   S   1,666 D $ 45.04 59,566 D  
Common Stock 02/19/2014   M   4,000 A $ 3.55 63,566 D  
Common Stock 02/19/2014   S   4,000 D $ 44.75 59,566 D  
Common Stock 02/20/2014   M   5,000 A $ 4.16 64,566 D  
Common Stock 02/20/2014   S   5,000 D $ 44.65 59,566 D  
Common Stock 02/20/2014   M   4,000 A $ 4.16 63,566 D  
Common Stock 02/20/2014   S   4,000 D $ 44.6 59,566 D  
Common Stock 02/20/2014   M   2,666 A $ 4.16 62,232 D  
Common Stock 02/20/2014   S   2,666 D $ 44.6 59,566 D  
Common Stock 02/20/2014   M   3,500 A $ 3.55 63,066 D  
Common Stock 02/20/2014   S   3,500 D $ 44.89 59,566 D  
Common Stock 02/20/2014   M   3,500 A $ 3.55 63,066 D  
Common Stock 02/20/2014   S   3,500 D $ 44.79 59,566 D  
Common Stock 02/20/2014   M   4,000 A $ 3.55 63,566 D  
Common Stock 02/20/2014   S   4,000 D $ 45 59,566 D  
Common Stock 02/20/2014   M   4,057 A $ 4.03 63,623 D  
Common Stock 02/20/2014   S   4,057 D $ 45.25 59,566 D  
Common Stock 02/20/2014   M   4,000 A $ 4.03 63,566 D  
Common Stock 02/20/2014   S   4,000 D $ 45.2 59,566 D  
Common Stock 02/20/2014   M   4,800 A $ 4.03 64,366 D  
Common Stock 02/20/2014   S   4,800 D $ 45 59,566 D  
Common Stock 02/20/2014   M   4,200 A $ 4.03 63,766 D  
Common Stock 02/20/2014   S   4,200 D $ 45 59,566 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option $ 5.18 02/19/2014   M     8,000   (1) 10/25/2015 Common Stock 8,000 $ 0 168,666 D  
Stock Option $ 4.03 02/19/2014   M     5,943   (2) 09/17/2017 Common Stock 5,943 $ 0 162,723 D  
Stock Option $ 2.8 02/19/2014   M     5,333 09/18/2009 09/17/2018 Common Stock 5,333 $ 0 157,390 D  
Stock Option $ 3.55 02/19/2014   M     1,666 08/25/2012 08/25/2021 Common Stock 1,666 $ 0 155,724 D  
Stock Option $ 3.55 02/19/2014   M     4,000 08/25/2012 08/25/2021 Common Stock 4,000 $ 0 151,724 D  
Stock Option $ 4.16 02/20/2014   M     5,000 10/26/2013 10/25/2022 Common Stock 5,000 $ 0 146,724 D  
Stock Option $ 4.16 02/20/2014   M     4,000 10/26/2013 10/25/2022 Common Stock 4,000 $ 0 142,724 D  
Stock Option $ 4.16 02/20/2014   M     2,666 10/26/2013 10/25/2022 Common Stock 2,666 $ 0 140,058 D  
Stock Option $ 3.55 02/20/2014   M     3,500 08/25/2012 08/25/2021 Common Stock 3,500 $ 0 136,558 D  
Stock Option $ 3.55 02/20/2014   M     3,500 08/25/2012 08/25/2021 Common Stock 3,500 $ 0 133,058 D  
Stock Option $ 3.55 02/20/2014   M     4,000 08/25/2012 08/25/2021 Common Stock 4,000 $ 0 129,058 D  
Stock Option $ 4.03 02/20/2014   M     4,057 09/17/2008 09/17/2017 Common Stock 4,057 $ 0 125,001 D  
Stock Option $ 4.03 02/20/2014   M     4,000 09/17/2008 09/17/2017 Common Stock 4,000 $ 0 121,001 D  
Stock Option $ 4.03 02/20/2014   M     4,800   (3) 09/17/2017 Common Stock 4,800 $ 0 116,201 D  
Stock Option $ 4.03 02/20/2014   M     4,200 09/17/2009 09/17/2017 Common Stock 4,200 $ 0 112,001 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SMITH KEVIN
9000 STATE ROAD
PHILADELPHIA, PA 19136
      Vice President  

Signatures

 /s/ Martin P. Galvan Limited Power of Attorney For: Kevin Smith   02/20/2014
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Options became exercisable as follows: 4,000 on 10/25/2006, 4,000 on 10/25/2007.
(2) Options became exercisable as follows: 5,542 on 9/17/2008, 401 on 9/17/2009.
(3) Options became exercisable as follows: 3,067 on 9/17/2008, 1,733 on 9/17/2009.

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