|[March 13, 2013]
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Impax Laboratories Inc.
LOS ANGELES --(Business Wire)--
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has
been filed in the United States District Court, Northern District of
California on behalf of 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 the
federal securities laws by making false and misleading statements in
connection with manufacturing deficiencies at the Hayward facility,
including the impact these deficiencies would have on the Company's
ability to gain FDA approval for its drug Rytary™.
On March 4, 2013 the Company announced that the FDA had completed an
inspection of the Company's Hayward, California 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 Rytary™ 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.
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased Impax common stock during the Class Period, 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, and you may retain counsel of your choice. If you wish to discuss
this action or have any questions concerning 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, Toll Free at
888-773-9224, by e-mail to firstname.lastname@example.org,
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
[ Back To Technology News's Homepage ]