Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Impax Laboratories, Inc. (IPXL) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Impax Laboratories, Inc. (“Impax” or the “Company”) (NASDAQ: IPXL) of the October 14, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Impax and certain executives.
A complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons who purchased or otherwise acquired Impax securities between May 20, 2013 and July 28, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Impax made false and/or misleading statements and/or failed to disclose that (i) the Company did not maintain proper quality control and manufacturing practices at its Taiwan facility, violating current Good Manufacturing Practices; and (ii) the manufacturing deficiencies at the Taiwan facility could have a material adverse impact on the launch of Impax’s new drug, RYTARY, and are jeopardizing the Company’s ability to manufacture, sell, and distribute generic pharmaceutical products.
On July 29, 2014, Impax announced that the FDA completed an inspection of its Taiwan facility. Based on its inspection, the FDA issued a Form 483 with “ten inspectional observations,” or deficiencies.
Following this news, the price of Impax stock declined by $4.27, or over 15%, to close at $23.76 on July 29, 2014.
If you invested in Impax stock or options between May 20, 2013 and July 28, 2014 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Impax’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
369 Lexington Avenue 10th Floor
New York, NY 10017
Tel: (212) 983-9330
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