|[March 16, 2013]
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Impax Laboratories Inc.
BENSALEM, Pa. --(Business Wire)--
Law Offices of Howard G. Smith 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 drg RytaryTM.
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 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.
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 Howard G. Smith, Esquire,
of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free
at (888) 638-4847, or by email to email@example.com,
or visit our website at http://www.howardsmithlaw.com.
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