Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In The Class
Action Lawsuit Against Impax Laboratories, Inc.
LOS ANGELES -- April 12, 2013
The Law Offices of Todd M. Garber announces that shareholders of Impax
Laboratories, Inc. (“Impax” or the “Company”) (NASDAQ:IPXL) have until May 6,
2013 to move for lead plaintiff status in the shareholder lawsuit filed in the
United States District Court for the Northern District of California. The
lawsuit was filed on behalf of a class (the “Class”) comprising all purchasers
of Impax common stock between June 6, 2011 and March 4, 2013, inclusive (the
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 drug RytaryTM.
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 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. You may retain counsel of your choice or take no action
and remain an absent Class member. If you wish to discuss this action or have
any questions concerning this Notice 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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