A lawsuit was filed by a current investor in shares of Impax Laboratories Inc (NASDAQ:IPXL) over alleged breaches of fiduciary duty and NASDAQ:IPXL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/08/2014 -- The Shareholders Foundation announces that an investor, who currently holds shares of Impax Laboratories Inc (NASDAQ:IPXL), filed a lawsuit against certain director of Impax Laboratories over alleged breaches of fiduciary duties.
Investors who are current long term investors in Impax Laboratories Inc (NASDAQ:IPXL) shares, have certain options and should contact the Shareholders Foundation by email at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the defendants inflated the share price of Impax Laboratories Inc through certain fales and misleading statements and when the truth was revealed the price for NASDAQ:IPXL shares declined 25% in one day.
The lawsuit against directors of Impax Laboratories Inc over alleged breaches of fiduciary duties follows a lawsuit against Impax Laboratories Inc over alleged Securities Laws Violations. 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 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 October 6, 2014, NASDAQ:IPXL shares closed at $24.00 per share.
Those who purchased shares of Impax Laboratories Inc have certain options and should contact the Shareholders Foundation.
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