STEVENSON, Md., March 12, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Impax Laboratories, Inc. ("Impax" or the "Company") (Nasdaq:IPXL) common stock during the period between June 6, 2011 and March 4, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Impax Laboratories, Inc. common stock purchased on or after June 6, 2011, and held through March 4, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 6, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company failed to maintain proper quality control and manufacturing practices at its Haywood facility in violation of current Good Manufacturing Practices, that the Company failed to take proper remedial actions to correct quality control issues previously identified by the U.S. Food and Drug Administration ("FDA") during its previous inspections of the Haywood facility, and that the manufacturing deficiencies at the Haywood facility could adversely impact the Company's ability to successfully launch its new drug, Rytary, and to launch a generic version of Concerta. According to the Complaint, following the Company's March 4, 2013 disclosure that the FDA had completed an inspection of its Haywood facility and had found twelve "observations" or problems that the Company needed to correct, including three repeat manufacturing problems that had not been corrected since prior inspections, and that because of these manufacturing deficiencies, the Company did not expect to be able to launch Rytary or a generic version of Concerta until 2014, the value of Impax shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation