Lawsuit on Behalf of Impax Laboratories Inc (IPXL) Investors Over Alleged
Misleading Statements Announced by Shareholders Foundation
SAN DIEGO, March 19, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation,
Inc. announces that a lawsuit was filed on behalf of purchasers of Impax
Laboratories Inc (IPXL) common stock during the period between June 6, 2011
and March 4, 2013, over alleged violations of Federal Securities Laws by Impax
Laboratories Inc in connection with certain allegedly false and misleading
statements in regards to the Hayward facility.
If you purchased a significant amount of common stock of Impax Laboratories
Inc (IPXL) between June 6, 2011 and March 4, 2013 and / or if you purchased
IPXL shares in 2011 or earlier and currently hold any of those shares, you
have certain options and you should contact the Shareholders Foundation, Inc.
by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
Impax Laboratories had received a warning letter from the U.S. Food and Drug
Administration ("FDA"), dated May 31, 2011, related to an inspection of its
Hayward, California manufacturing facility, which cited problems in deviation
from current Good Manufacturing Practices.
The plaintiff claims that the defendants allegedly issued false and misleading
statements between June 6, 2011 and March 4, 2013 to the investing public in
connection with their efforts to correct manufacturing deficiencies at the
Hayward facility, and the impact the deficiencies would have on the Company's
ability to gain FDA approval for RYTARY(TM), an extended-release drug for
treatment of Parkinson's disease.
The plaintiff says that as a result of defendants' statements between June 6,
2011 and March 4, 2013, IPXL stocks traded at inflated prices, reaching a high
of $27.02 on October 2, 2012.
On March 04, 2013, Impax Laboratories Inc announced that the FDA completed its
re-inspection of the Hayward facility in connection with the previously
disclosed Form 483 issued in March 2012. Impax Laboratories Inc said that at
the conclusion of this inspection, theFDA issued a new Form 483 with twelve
observations, three of which are designated as repeat observations from
inspections that occurred prior to the Warning Letter.
Shares of Impax Laboratories Inc dropped from $20.00 on March 4, 2013, to as
low as $14.49 on March 5, 2013.
The plaintiff seeks to recover damages.
Those who purchased shares of Impax Laboratories Inc have certain options and
should contact the Shareholders Foundation, Inc. by e-mail at
email@example.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring
and settlement claim filing service, which does research related to
shareholder issues and informs investors of securities class actions,
settlements, judgments, and other legal related news to the stock/financial
market. The Shareholders Foundation, Inc. is not a law firm. The information
is provided as a public service. It is not intended as legal advice and should
not be relied upon.
The Shareholders Foundation, Inc. logo is available at
CONTACT: Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
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