Form 4 ANI Pharmaceuticals Inc For: 1 October By Investing.com
This article announces the filing of Form 4 for ANI Pharmaceuticals Inc. on October 1, 2026. Form 4 is a document that must be filed with the U.S. Securities and Exchange Commission (SEC) whenever there is a change in the beneficial ownership of a company's securities by that company's directors, officers, or principal stockholders. The filing is brief and does not contain further details within the provided text.
Ani Pharmaceuticals SVP & CFO Stephen Carey sells $208,050 in stock
Stephen P. Carey, SVP and CFO of ANI Pharmaceuticals Inc. (NASDAQ:ANIP), sold 2,850 shares of company stock worth $208,050 on September 29, 2026, executed via a Rule 10b5-1 trading plan. This sale occurred while the stock was near its 52-week low. Despite the sale, InvestingPro analysis suggests the stock is undervalued, and the company recently reported stronger-than-expected Q2 2026 adjusted earnings, though its full-year guidance was reduced due to underperformance of its Cortrophin Gel product.
ANI Pharmaceuticals (NASDAQ:ANIP) Stock: Insider Stephen Carey Sells 2,850 Shares
Stephen Carey, CFO of ANI Pharmaceuticals (NASDAQ:ANIP), sold 2,850 shares of the company's stock for $208,050. This transaction, executed under a Rule 10b5-1 trading plan, reduced his holdings by 1.66% to 168,993 shares. The sale follows ANI Pharmaceuticals exceeding quarterly earnings expectations, reporting $2.21 EPS on $266.04 million in revenue, an increase of 25.8% year-over-year.
After selling 2,850 shares, ANI Pharmaceuticals (ANIP) CFO holds 168,993 shares.
Stephen P. Carey, SVP & CFO of ANI Pharmaceuticals (ANIP), sold 2,850 shares of common stock on September 29, 2026, at a weighted average price of $73.00 per share, totaling $208,000. This sale was executed under a pre-arranged Rule 10b5-1 trading plan adopted on March 6, 2026. Following the transaction, Carey directly holds 168,993 shares of ANIP.
Data on an eye implant for chronic eye inflammation will be presented in a late-breaking talk Oct. 9.
ANI Pharmaceuticals announced that Phase 4 SYNCHRONICITY trial data for its fluocinolone acetonide intravitreal implant in chronic non-infectious uveitis will be presented on October 9, 2026, at the American Academy of Ophthalmology 2026 Annual Meeting. The company will also present post-hoc analyses from the Phase 4 NEW DAY trial for diabetic macular edema. An encore presentation of SYNCHRONICITY results is scheduled for January 21, 2027.
ANI Pharmaceuticals Announces Late-Breaking AAO 2026 Presentation of Phase 4 SYNCHRONICITY Data and NEW DAY Post-Hoc Analyses
ANI Pharmaceuticals will present late-breaking Phase 4 SYNCHRONICITY trial data on its Fluocinolone Acetonide Intravitreal Implant for chronic non-infectious uveitis at the American Academy of Ophthalmology (AAO) 2026 meeting on October 9, 2026. Additionally, post-hoc analyses from the Phase 4 NEW DAY trial for diabetic macular edema will be shared as an ePoster. The company also announced an encore presentation of the SYNCHRONICITY results at the Hawaiian Eye & Retina 2027 Meeting in January 2027.
ANI Pharmaceuticals Announces New Fluocinolone Acetonide Intravitreal Implant Data to be Presented at the American Academy of Ophthalmology 2026 Annual Meeting
ANI Pharmaceuticals will present new data on its Fluocinolone Acetonide Intravitreal Implant at the American Academy of Ophthalmology 2026 Annual Meeting. This includes late-breaking oral presentation results from the Phase 4 SYNCHRONICITY trial for chronic non-infectious uveitis and an ePoster of post-hoc analyses from the Phase 4 NEW DAY trial for diabetic macular edema. The company emphasizes the product's indications, important safety information, and potential adverse reactions.
Implied Volatility Surging for ANI Pharmaceuticals Stock Options
Implied volatility for ANI Pharmaceuticals (ANIP) stock options is surging, particularly for the Oct. 16, 2026 $40.00 Put, suggesting investors anticipate a significant price movement. Despite this, analysts have a "Hold" rating on the stock, with recent downward revisions to earnings estimates. This high implied volatility could indicate a potential options trading opportunity, especially for selling premium.
Implied Volatility Surging for ANI Pharmaceuticals Stock Options
Implied volatility for ANI Pharmaceuticals (ANIP) stock options is surging, with the Oct. 16, 2026 $40.00 Put showing high implied volatility. This suggests investors expect significant movement in the stock, possibly due to an upcoming event. Despite this, analysts have a "Hold" rating on ANIP, and recent earnings estimates have been revised downward, indicating a potential trading opportunity for those looking to sell premium.
183,066 Shares of ANI Pharmaceuticals, Inc. $ANIP Acquired by Bank of America Corp DE
Bank of America Corp DE has acquired 183,066 shares of ANI Pharmaceuticals, Inc. (NASDAQ:ANIP), valued at approximately $15.2 million, giving them a 0.80% stake in the company. Other institutional investors have also increased their holdings, with institutional investors now owning 76.05% of the company's stock. Despite recent insider selling, ANI Pharmaceuticals exceeded quarterly expectations, reporting $2.21 EPS on $266.04 million in revenue, and has issued fiscal 2026 EPS guidance of $9.19–$9.69.
ANIP5868601 Bond Profile: Coupon and Redemption
This article provides a detailed profile of the ANIP5868601 bond issued by ANI Pharmaceuticals, Inc. It covers key facts such as the issuer, issue and maturity dates, face value, and minimum denomination. The bond profile also outlines the coupon rate, frequency, upcoming payment schedule, and redemption information for the bond.
ANI Pharmaceuticals Announces the FDA Approval of Everolimus Tablets for Oral Suspension
ANI Pharmaceuticals has received FDA approval for its Abbreviated New Drug Application (ANDA) for Everolimus Tablets for Oral Suspension in 2mg, 3mg, and 5mg dosages. This generic version of Afinitor Disperz® adds to ANI's commercial portfolio, with U.S. annual sales for the product totaling approximately $123 million. The company expects to launch at least 15 new generics this year, reinforcing its focus on its U.S.-centric generics business.
ANI Pharmaceuticals Announces the FDA Approval of Everolimus Tablets for Oral Suspension
ANI Pharmaceuticals, Inc. announced the FDA approval of its Abbreviated New Drug Application (ANDA) for Everolimus Tablets for Oral Suspension 2mg, 3mg, and 5mg, a generic version of Afinitor Disperz®. This approval highlights the company's R&D capabilities and adds momentum to its commercial portfolio, contributing to its goal of launching at least 15 new generics this year. U.S. annual sales for the reference listed drug totaled approximately $123 million as of July 2026.
ANI Pharmaceuticals, Inc. (ANIP) Stock Forecasts
Argus has raised its target price for ANI Pharmaceuticals, Inc. (ANIP) to $74.00. The company specializes in developing, manufacturing, and marketing generic prescription pharmaceuticals, including liquid, powder, and oral solid-dose products. The report provides a summary of ANIP's operations and offers an updated price target.
ANI Pharmaceuticals gets FDA approval for generic everolimus
ANI Pharmaceuticals Inc. (NASDAQ:ANIP) announced it received final FDA approval for its generic version of Afinitor Disperz (Everolimus Tablets for Oral Suspension) in 2mg, 3mg, and 5mg strengths. The company stated that U.S. annual sales for the reference drug were approximately $123 million as of July 2026 and that it remains on track to launch at least 15 new generics this year.
Oppenheimer Initiates ANI Pharmaceuticals at Perform With $85 Price Target
Oppenheimer has initiated coverage of ANI Pharmaceuticals (ANIP) with a "Perform" rating and an $85 price target. The company currently has an average analyst rating of "overweight" and a mean price target of $105.78 from other analysts.
Oppenheimer initiates ANI Pharmaceuticals stock with Perform rating
Oppenheimer has initiated coverage on ANI Pharmaceuticals (NASDAQ:ANIP) with a Perform rating and a price target of $85.00, suggesting the stock may be undervalued compared to InvestingPro's Fair Value of $93.47. The firm noted challenges such as the need for significant commercial investment for acute gout expansion and the lack of sustained growth for Iluvien, despite the attractive rare disease asset Cortrophin Gel and support from generics and Wakix royalties. This new rating comes as ANI Pharmaceuticals reported strong Q2 2026 earnings but reduced its full-year guidance for Cortrophin, leading to mixed sentiment and adjusted price targets from other firms like Guggenheim and Canaccord Genuity.
ANI Pharmaceuticals Receives FDA Approval for Generic Everolimus Tablets for Oral Suspension
ANI Pharmaceuticals has received final FDA approval for its generic Everolimus Tablets for Oral Suspension in 2mg, 3mg, and 5mg dosages, a generic version of Afinitor Disperz®. This approval is a significant milestone, adding to the company's generics portfolio, with the U.S. market for this product generating approximately $123 million in annual sales. ANI Pharmaceuticals aims to launch at least 15 new generics this year, highlighting its commitment to expanding its presence in the generics market.
ANI Pharmaceuticals (ANIP) Reports Next Week: Wall Street Expects Earnings Growth
ANI Pharmaceuticals (ANIP) is projected to report a year-over-year increase in earnings and revenue for the quarter ended June 2026. Analysts expect earnings of $2.01 per share, up 11.7%, on revenues of $262.73 million, up 24.3%. While the company has a positive Earnings ESP of +1.33%, its Zacks Rank of #4 makes a definitive prediction of an earnings beat difficult.
ANI Pharmaceuticals (ANIP) President & CEO Nikhil Lalwani Sells 5,400 Shares
Nikhil Lalwani, President & CEO of ANI Pharmaceuticals (ANIP), sold 5,400 shares on September 15, 2026, bringing his total sales over the past year to 65,800 shares with no purchases. This insider selling trend is notable, especially as the company's stock is considered "Modestly Undervalued" by GuruFocus, with a price-to-earnings ratio lower than the industry median and its historical median. While insider selling can occur for various reasons, the absence of insider buys and the trimming of positions by most gurus holding the stock add a cautious element for investors.
ANI Pharmaceuticals (ANIP) CEO sells 5,400 shares in pre-set trading plan
ANI Pharmaceuticals' President and CEO, Nikhil Lalwani, sold 5,400 shares of common stock on September 15, 2026, for approximately $383,400. This transaction was conducted under a pre-arranged Rule 10b5-1 trading plan adopted on May 26, 2026. Following the sale, Lalwani directly holds 339,089 shares in the company.
Insider Selling: ANI Pharmaceuticals (NASDAQ:ANIP) CEO Sells $383,400.00 in Stock
ANI Pharmaceuticals (NASDAQ:ANIP) CEO Nikhil Lalwani sold 5,400 shares of the company's stock for $383,400.00 on September 15th, reducing his stake by 1.57%. This transaction occurred under a pre-arranged Rule 10b5-1 plan. The company recently reported strong quarterly earnings, exceeding analyst expectations, and maintains a "Moderate Buy" consensus rating from analysts with an average price target of $105.57.
ANI Pharmaceuticals (ANIP) insider sells 500 shares
Meredith Cook, Senior Vice President, General Counsel & Secretary of ANI Pharmaceuticals (ANIP), sold 500 shares of common stock at $70.79 per share on September 14, 2026. This transaction was conducted under a pre-arranged Rule 10b5-1 trading plan adopted on September 15, 2025. Following the sale, Cook directly holds 73,924 shares of ANI Pharmaceuticals common stock.
Ani Pharmaceuticals director Thoma sells $71,530 in shares By Investing.com
ANI Pharmaceuticals director Jeanne Thoma sold 1,000 shares of the company's common stock for $71.53 per share, totaling $71,530, as part of a pre-arranged trading plan. This insider sale occurred while ANIP shares are near their 52-week low, though InvestingPro analysis suggests the stock is undervalued and has "GREAT" financial health. The company recently reported strong Q2 2026 results exceeding expectations, despite some analyst adjustments to price targets due to a reduced outlook for its Cortrophin product.
ANI Pharmaceuticals (NASDAQ: ANIP) insider lines up $380,000 stock sale for 2026
Nikhil Lalwani, an insider at ANI Pharmaceuticals (NASDAQ: ANIP), has filed a Form 144 indicating plans to sell 5,400 shares of common stock, valued at approximately $380,160. This prospective sale, related to restricted stock awards, is slated for February 28, 2026. The filing also noted a previous Rule 10b5-1 sale of 5,400 shares on August 25, 2026, which generated proceeds of $401,216.22.
Ani Pharmaceuticals’ Meredith Cook sells $35,395 in common stock By Investing.com
Meredith Cook, SVP, General Counsel & Secretary at ANI Pharmaceuticals Inc. (NASDAQ:ANIP), sold 500 shares of company stock for $35,395. This transaction, executed under a Rule 10b5-1 trading plan, leaves her with 73,924 shares. The sale follows mixed Q2 2026 results where the company beat earnings and revenue expectations but lowered Cortrophin product guidance.
ANI Pharmaceuticals Executive Cook Meredith Sells 500 Shares at $70.79 Each (NASDAQ: ANIP)
Cook Meredith, Senior VP, General Counsel & Secretary at ANI Pharmaceuticals (NASDAQ: ANIP), sold 500 shares of the company stock on September 14, 2026, at a price of $70.79 per share. Following this transaction, Meredith retains 73,924 shares. The sale represented approximately 0.7% of Meredith's previous holdings, providing transparency on the scale of the disposal.
Squarepoint Ops LLC Sells 37,088 Shares of ANI Pharmaceuticals, Inc. $ANIP
Squarepoint Ops LLC significantly reduced its stake in ANI Pharmaceuticals (NASDAQ:ANIP) by selling 37,088 shares, now owning 26,450 shares valued at $2.19 million. This comes as ANI Pharmaceuticals exceeded quarterly earnings expectations with $2.21 EPS and a 25.8% revenue increase. Despite insider selling, analysts maintain a "Moderate Buy" consensus with an average price target of $105.57.
Jeanne Thoma Sells 1,000 Shares of ANI Pharmaceuticals (NASDAQ:ANIP) Stock
ANI Pharmaceuticals Director Jeanne Thoma sold 1,000 shares of ANIP stock for $71,530 on September 11, 2026, reducing her holdings by 3.6% to 26,762 shares. This transaction occurred under a pre-arranged Rule 10b5-1 trading plan. The company's stock was trading near its 12-month low, despite a recent earnings beat and a "Moderate Buy" consensus rating from analysts with an average price target of $105.57.
Insider Selling: ANI Pharmaceuticals (NASDAQ:ANIP) VP Sells $35,395.00 in Stock
ANI Pharmaceuticals VP Meredith Cook recently sold 500 shares of ANIP stock for $35,395, part of a pre-arranged trading plan, bringing her total direct ownership to 73,924 shares. This follows two similar sales since July, occurring as the stock traded near its 12-month low despite the company reporting strong quarterly earnings and revenue growth. Analyst sentiment remains positive with a "Moderate Buy" consensus, and institutional investors hold a significant portion of the company's stock.
Amundi Boosts Stock Position in ANI Pharmaceuticals, Inc. $ANIP
Amundi significantly increased its stake in ANI Pharmaceuticals by 595.5% in the second quarter, now holding 31,793 shares valued at $2.6 million. This comes as ANI Pharmaceuticals reported strong quarterly earnings, beating analyst expectations with an EPS of $2.21 and revenue up 25.8% year-over-year. Despite mixed analyst ratings, the consensus remains a "Moderate Buy" with an average price target of $105.57.
VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Position in ANI Pharmaceuticals, Inc. $ANIP
Virginia Retirement Systems recently acquired a new position in ANI Pharmaceuticals, Inc. (NASDAQ:ANIP), purchasing 17,500 shares valued at approximately $1.45 million. Institutional investors now collectively own 76.05% of the specialty pharmaceutical company. ANI Pharmaceuticals also reported strong quarterly earnings, beating analyst expectations with $2.21 EPS and $266.04 million in revenue, while analysts currently maintain a "Moderate Buy" consensus rating for the stock.
WINTON GROUP Ltd Takes $4.56 Million Position in ANI Pharmaceuticals, Inc. $ANIP
WINTON GROUP Ltd has acquired a new position in ANI Pharmaceuticals, Inc. (NASDAQ:ANIP) worth approximately $4.56 million, representing about 0.24% of the company. Other institutional investors have also adjusted their stakes in ANIP, which recently exceeded quarterly earnings expectations. The stock currently holds a "Moderate Buy" consensus rating among analysts, with an average price target of $105.57.
ANI Pharmaceuticals stock hits 52-week low at 70.03 USD By Investing.com
ANI Pharmaceuticals Inc. (ANIP) stock has fallen to a 52-week low of $70.03, representing a 27.91% decrease over the past year. Despite recent positive Q2 2026 earnings that exceeded expectations, the company lowered its full-year guidance for its key growth driver, Cortrophin, due to underperformance. Analysts have revised earnings downwards, but InvestingPro suggests the stock may be undervalued.
ANI Pharmaceuticals (NASDAQ:ANIP) Sets New 52-Week Low - Time to Sell?
ANI Pharmaceuticals (NASDAQ:ANIP) recently hit a new 52-week low of $69.96, despite exceeding its quarterly earnings expectations with adjusted EPS of $2.21 and revenue of $266.04 million, up 25.8% year over year. The stock maintains a "Moderate Buy" consensus rating from analysts, with an average price target of $105.57, though several recent downgrades have occurred. Insider selling of 21,925 shares worth $1.73 million over the past 90 days has also been noted.
ANI Pharmaceuticals stock hits 52-week low at 70.03 USD
ANI Pharmaceuticals Inc. stock has dropped to a 52-week low of $70.03, representing a 27.91% decrease over the past year. Despite positive Q2 2026 earnings that exceeded expectations, the company lowered its full-year guidance for Cortrophin, a key growth driver, leading analysts to adjust price targets. InvestingPro suggests the stock may be undervalued, even as eight analysts have revised earnings downwards.
ANI Pharmaceuticals (NASDAQ:ANIP) Earns Outperform Rating from Analysts at Leerink Partners
Leerink Partners initiated coverage on ANI Pharmaceuticals (NASDAQ:ANIP) with an "outperform" rating and a $104 price target, suggesting a significant upside. This positive outlook aligns with a "Moderate Buy" consensus from other analysts, with an average target price of $105.57. The company recently surpassed quarterly earnings and revenue expectations, and institutional investors have been increasing their stakes, despite some insider selling.
ANI Pharmaceuticals (ANIP) Appoints Henry Gosebruch To Its Board
ANI Pharmaceuticals (ANIP) has appointed Henry Gosebruch, a biotechnology executive with experience in corporate strategy, business development, and M&A, to its Board of Directors. Concurrently, board member Muthusamy Shanmugam resigned from the board but will maintain his operational roles within the company. This move is seen as an evolution for the company, bringing fresh deal-making experience while maintaining continuity in R&D and manufacturing.
Legal & General Group Plc Buys Shares of 45,075 ANI Pharmaceuticals, Inc. $ANIP
Legal & General Group Plc has acquired 45,075 shares of ANI Pharmaceuticals, Inc. (NASDAQ:ANIP) valued at approximately $3.7 million, making them one of several institutional investors increasing their stake in the specialty pharmaceutical company. Despite recent analyst downgrades, ANI Pharmaceuticals exceeded quarterly earnings and revenue expectations, reporting $2.21 EPS and $266.04 million in revenue. However, insiders have sold a significant number of shares recently.
ANI Pharmaceuticals to Present at September Investor Conferences
ANI Pharmaceuticals, Inc. announced that its President and CEO, Nikhil Lalwani, and other executive team members will participate in three investor conferences in September 2026. These include the Wells Fargo Healthcare Conference, Morgan Stanley's 24th Annual Global Healthcare Conference, and H.C. Wainwright's 28th Annual Global Investment Conference. Webcasts for these events will be available on the company's website.
Corient Private Wealth LP Invests $2.01 Million in ANI Pharmaceuticals, Inc. $ANIP
Corient Private Wealth LP has acquired a new stake of 24,244 shares in ANI Pharmaceuticals, Inc. (NASDAQ:ANIP), valued at approximately $2.01 million, making up 0.11% of the company's stock. ANI Pharmaceuticals recently surpassed quarterly expectations with $2.21 EPS and $266.04 million in revenue, leading to a "Moderate Buy" consensus from analysts with an average price target of $105.83. Despite recent insider selling, institutional investors collectively own 76.05% of the company.
ANI Pharmaceuticals to Present at September Investor Conferences
ANI Pharmaceuticals, Inc. announced that its President and CEO, Nikhil Lalwani, and other executive leaders will participate in three upcoming investor conferences in September 2026. These events include the Wells Fargo Healthcare Conference, Morgan Stanley 24th Annual Global Healthcare Conference, and H.C. Wainwright 28th Annual Global Investment Conference. Webcasts of the fireside chats will be available on the company's website.
ANI Pharmaceuticals to Present at September Investor Conferences
ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) announced that its President and CEO, Nikhil Lalwani, and other executive leaders will participate in three upcoming investor conferences in September 2026. These include the Wells Fargo Healthcare Conference, Morgan Stanley 24th Annual Global Healthcare Conference, and H.C. Wainwright 28th Annual Global Investment Conference. Webcasts of these presentations will be available on the company's website.
Ani Pharmaceuticals SVP & CFO Stephen Carey sells $207,480 in stock
Stephen P. Carey, SVP & CFO of ANI Pharmaceuticals Inc. (NASDAQ:ANIP), sold 2,850 shares of common stock totaling $207,480 on August 31, 2026. This transaction was executed under a Rule 10b5-1 trading plan. Despite strong Q2 2026 earnings, the company reduced its full-year guidance for Cortrophin due to underperformance.
ANI Pharmaceuticals (NASDAQ:ANIP) CFO Stephen Carey Sells 2,850 Shares
ANI Pharmaceuticals (NASDAQ:ANIP) CFO Stephen Carey sold 2,850 shares of the company's stock for a total of $207,480.00, executed under a pre-arranged Rule 10b5-1 trading plan. Following the sale, Carey still owns 171,843 shares. The company's stock recently fell 1.8% to $71.92, near its 12-month low, despite exceeding recent quarterly earnings and revenue expectations.
79,683 Shares in ANI Pharmaceuticals, Inc. $ANIP Purchased by Jupiter Topco LLC
Jupiter Topco LLC recently acquired 79,683 shares of ANI Pharmaceuticals, Inc. (NASDAQ:ANIP) for approximately $6.6 million, giving it a 0.35% stake. Despite recent insider selling, institutional investors own 76.05% of the company, and analysts maintain a "Moderate Buy" consensus with an average price target significantly above the current stock price. ANI Pharmaceuticals also surpassed quarterly earnings and revenue expectations.
Penn Capital Management Company LLC Boosts Holdings in ANI Pharmaceuticals, Inc. $ANIP
Penn Capital Management Company LLC increased its stake in ANI Pharmaceuticals, Inc. by 15.4% during the second quarter, now owning 207,362 shares valued at approximately $17.2 million. Institutional investors collectively hold 76.05% of the company, with several other hedge funds also adjusting their positions. Despite some insider selling, ANI Pharmaceuticals exceeded quarterly earnings expectations and maintains a "Moderate Buy" consensus rating from analysts with an average price target of $105.83.
Ani Pharmaceuticals CEO sells $401,220 in company stock
ANI Pharmaceuticals Inc. CEO Nikhil Lalwani sold 5,400 shares of company stock for $401,220 on August 25, 2026, as part of a Rule 10b5-1 trading plan. This transaction occurred while the stock was trading near its 52-week low, though InvestingPro analysis suggests it may be undervalued. The company recently reported strong Q2 2026 earnings but adjusted its Cortrophin guidance, leading to mixed analyst reactions.
People on the Move: Henry Gosebruch Joins ANI Pharmaceuticals’ Board of Directors
ANI Pharmaceuticals, Inc. has appointed Henry Gosebruch to its Board of Directors, effective August 19, 2026. Gosebruch brings over 30 years of corporate strategy, business development, and finance experience in biopharmaceuticals to the board, having previously served as CEO of Lakefront Biotherapeutics NV and President and CEO of Neumora Therapeutics. His appointment is expected to strengthen ANI's business development efforts as it aims to become a leading Rare Disease company.
Nikhil Lalwani plans ANI (NASDAQ: ANIP) stock sale topping $400K
Nikhil S. Lalwani has filed a Rule 144 notice for a proposed sale of 5,400 shares of ANI Pharmaceuticals (NASDAQ: ANIP) common stock, valued at $400,518.00. These shares were acquired as a restricted stock award on February 28, 2026, and the sale will be conducted through Morgan Stanley Smith Barney LLC. The filing indicates no additional sales by Lalwani in the preceding three months.
