An investigation on behalf of current long term investors in Impax Laboratories Inc (NASDAQ:IPXL) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:IPXL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/30/2014 -- The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Impax Laboratories Inc (NASDAQ:IPXL) is ongoing concerning potential breaches of fiduciary duties by certain directors and officers of Impax Laboratories.
Investors who are current long term investors in Impax Laboratories Inc (NASDAQ:IPXL) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:IPXL stocks follows a lawsuit filed recently against Impax Laboratories Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:IPXL stocks, concerns whether certain Impax Laboratories officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of New Jersey the plaintiff alleges that Defendants made allegedly false and/or misleading statements and/or failed to disclose that Impax Laboratories Inc failed to maintain proper quality control and manufacturing practices at its Taiwan facility in violation of current Good Manufacturing Practices ("cGMP"), that the manufacturing deficiencies at the Taiwan facility could have a material adverse impact on Impax Laboratories Inc’s ability to successfully launch its new drug, RYTARY, that the manufacturing deficiencies at the Taiwan facility jeopardized Impax Laboratories Inc’s ability to manufacture, sell, and distribute generic pharmaceutical products, and that based upon the above, Defendants lacked a reasonable basis for their positive statements about Impax Laboratories Inc and its outlook, including statements about its ability to launch RYTARY.
On March 04, 2013, Impax Laboratories, Inc announced that the FDA completed its re-inspection of the Company’s Hayward manufacturing 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 (12) observations, three (3) of which are designated as repeat observations from inspections that occurred prior to the Warning Letter. Shares of Impax Laboratories Inc (NASDAQ:IPXL) dropped from $20.00 on March 4, 2013, to as low as $14.49 per share on March 5, 2013.
On March 7, 2013 and April 8, 2013, lawsuits were filed by investors against Impax Laboratories, Inc and certain current and former officers and directors of Impax Laboratories, Inc alleging that the Company and certain officers and directors violated the federal securities law by makingallegedly materially false and misleading statements and/or failed to disclose material adverse facts to the public in connection with manufacturing deficiencies at the Hayward, California manufacturing facility, including but not limited to the impact the deficiencies would have on the Company’s ability to gain approval from the FDA for the Company’s branded product candidate, RYTARYTM and its generic version of Concerta. In September 2013 a consolidated amended complaint was filed.
On July 29, 2014 Impax Laboratories, Inc. (NASDAQ: IPXL) announced that the U.S. Food and Drug Administration (FDA) performed a general GMP inspection and a Pre-Approval Inspection for RYTARYTM at the Company's Taiwan manufacturing facility from July 21 to July 26, 2014 and that at the conclusion of the inspection, the FDA issued a Form 483 with ten inspectional observations.
Shares of Impax Laboratories Inc (NASDAQ:IPXL) declined from $30.68 per share in early July 2014 to as low as $22.12 per share on August 4, 2014.
On September 26, NASDAQ:IPXL shares closed at $24.34 per share.
Those who purchased shares of Impax Laboratories Inc (NASDAQ:IPXL) have certain options and should contact the Shareholders Foundation.
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