A lawsuit was filed on behalf of certain investors in shares of Impax Laboratories Inc (NASDAQ:IPXL) over alleged securities laws violations. Deadline: May 6, 2013. NASDAQ:IPXL investors should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 03/11/2013 -- An investor in shares of Impax Laboratories Inc (NASDAQ:IPXL) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Impax Laboratories in connection with certain allegedly false and misleading statements in regards to the Hayward facility.
Investors who purchased shares of Impax Laboratories Inc (NASDAQ:IPXL), have certain options and for certain investors are short and strict deadlines running. Deadline: May 6, 2013. NASDAQ:IPXL investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of on behalf of purchasers of Impax Laboratories Inc (NASDAQ:IPXL) common stock during the period between June 6, 2011 and March 4, 2013, that Impax Laboratories Inc and certain of its officers and directors violated the Securities Exchange Act of 1934.
Between June 6, 2011 and March 4, 2013 Impax Laboratories 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 facility, which cited problems in deviation from current Good Manufacturing Practices
The plaintiff claims that the defendants allegedly issued false and misleading statements to the investing public in connection with their efforts to correct manufacturing deficiencies at the Company's 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.
On March 04, 2013, Impax Laboratories, Inc announced that the U.S. Food and Drug Administration (FDA) completed its re-inspection of the Company’s Hayward manufacturing facility in connection with the previously disclosed Form 483 issued in March 2012. mpax 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.
The plaintiff alleges that As a result of defendants' statements between June 6, 2011 and March 4, 2013, Impax Laboratories’ stock traded at artificially inflated prices, reaching a high of $27.02 per share on October 2, 2012.
The plaintiff seeks to recover damages on behalf of all purchasers of Impax common stock between June 6, 2011 and March 4, 2013.
On March 8, 2013, NASDAQ:IPLX shares closed at $16.64 per share.
Those who purchased shares of Impax Laboratories Inc (NASDAQ:IPXL) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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