Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Impax
LOS ANGELES -- April 5, 2013
The Law Offices of Todd M. Garber announces that a class action lawsuit has
been filed in the United States District Court for the Northern District of
California on behalf of a class (the “Class”) comprising 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 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.
The Company further announced that 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 above-described Class, you may move the Court no
later than May 6, 2013 to serve as lead plaintiff; however, you must meet
certain legal requirements. To be a member of the Class you need not take any
action at this time, or you may retain counsel of your choice. If you have
information or would like to learn more about these claims, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Todd M. Garber, Esquire, of the Law
Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
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