×

Lawsuit on Behalf of Impax Laboratories Inc (IPXL) Investors Over Alleged Misleading Statements Announced by Shareholders Foundation

SAN DIEGO, March 19, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of purchasers of Impax Laboratories Inc (IPXL) common stock during the period between June 6, 2011 and March 4, 2013, over alleged violations of Federal Securities Laws by Impax Laboratories Inc in connection with certain allegedly false and misleading statements in regards to the Hayward facility.

If you purchased a significant amount of common stock of Impax Laboratories Inc (IPXL) between June 6, 2011 and March 4, 2013 and / or if you purchased IPXL shares in 2011 or earlier and currently hold any of those shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

Impax Laboratories had received a warning letter from the U.S. Food and Drug Administration ("FDA"), dated May 31, 2011, related to an inspection of its Hayward, California manufacturing facility, which cited problems in deviation from current Good Manufacturing Practices.

The plaintiff claims that the defendants allegedly issued false and misleading statements between June 6, 2011 and March 4, 2013 to the investing public in connection with their efforts to correct manufacturing deficiencies at the Hayward facility, and the impact the deficiencies would have on the Company's ability to gain FDA approval for RYTARY(TM), an extended-release drug for treatment of Parkinson's disease.

The plaintiff says that as a result of defendants' statements between June 6, 2011 and March 4, 2013, IPXL stocks traded at inflated prices, reaching a high of $27.02 on October 2, 2012.

On March 04, 2013, Impax Laboratories Inc announced that the FDA completed its re-inspection of the Hayward facility in connection with the previously disclosed Form 483 issued in March 2012. Impax Laboratories Inc said that at the conclusion of this inspection, the FDA issued a new Form 483 with twelve observations, three of which are designated as repeat observations from inspections that occurred prior to the Warning Letter.

Shares of Impax Laboratories Inc dropped from $20.00 on March 4, 2013, to as low as $14.49 on March 5, 2013.

The plaintiff seeks to recover damages.

Those who purchased shares of Impax Laboratories Inc have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

The Shareholders Foundation, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6931

CONTACT: Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554 mail@shareholdersfoundation.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108

Source:Shareholders Foundation, Inc.