Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the
Class Action Lawsuit Against Impax Laboratories Inc.
BENSALEM, Pa. -- March 25, 2013
Law Offices of Howard G. Smith announces that investors of Impax Laboratories,
Inc. (“Impax” or the “Company”) (NASDAQ:IPXL) have until May 6, 2013 to move
the Court to serve as lead plaintiff in the securities fraud class action
lawsuit filed in the United States District Court for the Northern District of
California on behalf of a class (the “Class”) comprising all purchasers of
Impax common stock 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 federal securities laws by making false
and misleading statements in connection with manufacturing deficiencies at the
Company’s Hayward, California, 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 Hayward facility. According to the Company, the FDA found
twelve problems at the Hayward facility that the Company needed to correct
and, due to continuing manufacturing deficiencies, Impax did not expect to be
able to launch its RytaryTM 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.
If you are a member of the Class described above, 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, or may retain counsel of
your choice. If you wish to discuss this action or learn more concerning your
rights or interests with respect to these matters, please contact Howard G.
Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to firstname.lastname@example.org, or visit our
website at http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
Press spacebar to pause and continue. Press esc to stop.