Glancy Binkow & Goldberg Encourages Investors to Inquire About a Lead
Plaintiff Position in the Class Action Lawsuit Against Impax Laboratories,
Inc. -- IPXL
LOS ANGELES, April 19, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP
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"). Investors who have
losses of $100,000 or more are encouraged to contact the firm for information
concerning a lead plaintiff position in the class action suit and have until
May 6, 2013 to file a motion with the Court to be appointed as lead plaintiff.
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 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 purchased Impax common stock during the Class Period, you may move the
Court to serve as lead plaintiff no later than May 6, 2013; however, you must
meet certain legal requirements. If you wish to learn more about this action
or have any questions concerning this Notice or your rights or interests with
respect to these matters, please contact Michael Goldberg, Esquire, of Glancy
Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067, by telephone at (310) 201-9150 or Toll Free at (888)
773-9224, by e-mail to firstname.lastname@example.org, or visit our website at
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
(310) 201-9150 or (888) 773-9224
Press spacebar to pause and continue. Press esc to stop.