Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Impax
LOS ANGELES -- March 13, 2013
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been
filed in the United States District Court, Northern District of California on
behalf of all purchasers of the common stock of Impax Laboratories, Inc.
(“Impax” or the “Company”) (NASDAQ:IPXL) between June 6, 2011 and March 4,
2013, inclusive (the “Class Period”).
Impax is a specialty pharmaceutical company involved in the development,
manufacture, and marketing of bioequivalent pharmaceutical products and
branded products. The Complaint alleges that during the Class Period, the
Company and certain of its officers and directors violated the federal
securities laws by making false and misleading statements in connection with
manufacturing deficiencies at the Hayward facility, including the impact these
deficiencies would have on the Company’s ability to gain FDA approval for its
On March 4, 2013, the Company announced that the FDA had completed an
inspection of the Company’s Hayward, California facility. According to the
Company, the FDA found twelve problems at the Hayward facility that the
Company needed to correct. The Company further announced that due to
continuing manufacturing deficiencies, Impax did not expect to be able to
launch its Rytary™ drug until 2014. On this news, shares of Impax declined
$5.20 per share, or 26%, to close at $14.80 per share on March 5, 2013, on
unusually heavy volume.
No class has yet been certified in this action. Until a class is certified,
you are not represented by counsel unless you retain one. If you purchased
Impax common stock during the Class Period, you have certain rights, and have
until May 6, 2013 to move for lead plaintiff status. To be a member of the
class you need not take any action at this time, and you may retain counsel of
your choice. If you wish to discuss this action or have any questions
concerning your rights or interests with respect to these matters, please
contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925
Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at
310-201-9150, Toll Free at 888-773-9224, by e-mail to
firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP
Michael Goldberg, Esquire
310-201-9150 or 888-773-9224
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