A lawsuit was filed by a current investor in shares of Impax Laboratories Inc (NASDAQ:IPXL) against certain officers and directors and other current long-term NASDAQ:IPXL stockholders should contact the Shareholders Foundation at mail at shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 04/08/2013 -- A current investor in NASDAQ:IPXL shares filed a lawsuit against directors of Impax Laboratories Inc over alleged breaches of fiduciary duties in connection with certain statements made between June 6, 2011 and March 3, 2013.
Investors who are current long term stockholders in Impax Laboratories Inc (NASDAQ:IPXL) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
Earlier this month investors also filed a lawsuit in the U.S. District Court for the Northern District of California against Impax Laboratories over alleged securities laws violations.
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
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.
The plaintiff alleges that Impax Laboratories Inc allegedly withheld disappointing results about a new drug and a lab inspection and when the truth came out the stock price of Impax Laboratories Inc declined over 40%.
Inded, Impax Laboratories’ stock traded as high as $27.02 per share on October 2, 2012 and declined to as low as $14.53 per share on March 6, 2013.
On April 5, 2013, NASDAQ:IPXL shares closed at $16.27 per share.
Those who are current long term stockholders in Impax Laboratories Inc (NASDAQ:IPXL) shares, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com