Bronstein, Gewirtz & Grossman, LLC Announces That A Class Action Has Been Filed Against Impax Laboratories Inc.

  Bronstein, Gewirtz & Grossman, LLC Announces That A Class Action Has Been
                    Filed Against Impax Laboratories Inc.

PR Newswire

NEW YORK, March 14, 2013

NEW YORK, March 14, 2013 /PRNewswire/ --Attorney Advertising --Bronstein,
Gewirtz & Grossman, LLC announces that a class action suit was filed in the
United States District Court for the Northern District of California on behalf
of purchasers of Impax Laboratories Inc. ("Impax" or the "Company") (NasdaqGS:
IPXL) between June 6, 2011 through March 4, 2013, inclusive (the "Class
Period").

The complaint charges Impax and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. The Complaint alleges that
throughout the Class Period the defendants misrepresented and/or failed to
disclose that: (1) the Company failed to maintain proper quality control and
manufacturing practices at its Hayward facility in violation of current GMP;
(2) the Company failed to take proper remedial actions to correct quality
control issues previously identified by the FDA in prior inspections at the
Hayward facility; and (3) the Company failed to disclose the extent of the
adverse impact the manufacturing deficiencies at the Hayward facility could
have on the Company's ability to successfully launch its new drug, Rytary.

On March 4, 2013, the Company disclosed that the FDA issued a new Form 483
with twelve observations, three of which are designated as repeat observations
from past inspections. New and pending applications that relate to the
Hayward, California manufacturing facility may be withheld by the FDA until
the Form 483 problems are solved. The FDA sent Impax a warning letter in
January 2011 based on an inspection of the Hayward, Calif., plant, and found
other problems in a March 2012 inspection. The March 2012 inspection, the FDA
said the original problems had been addressed, but it found problems in its
quality control laboratory. On this news, Shares of Impax stock were down
over 26% or $5.20 per share to close at $14.80 on March 5, 2013.

No Class has yet been certified in the above action. If you wish to review a
copy of the Complaint, to discuss this action, or have any questions, please
contact either Peretz Bronstein of Bronstein, Gewirtz & Grossman, LLC at
212-697-6484 or via email Peretz@bgandg.com. Those who inquire by e-mail are
encouraged to include their mailing address and telephone number. May 6, 2013
is the deadline for investors to seek a lead plaintiff appointment.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf of
our clients. In addition to representing institutions and other investor
plaintiffs in class action security litigation, the firm's expertise includes
general corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not guarantee similar
outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein 212-697-6484
Peretz@bgandg.com

SOURCE Bronstein, Gewirtz & Grossman, LLC
 
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