[March 13, 2013]

Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Impax Laboratories Inc.

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 shareholders@glancylaw.com, 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 ]