NEW YORK--(BUSINESS WIRE)--Abraham, Fruchter & Twersky, LLP has commenced an investigation concerning possible violations of federal securities laws by Impax Laboratories, Inc. (“Impax” or the “Company”) (NASDAQ: IPXL).
Impax, based in Hayward, California, is a specialty pharmaceutical company engaged in the development and manufacture of generic pharmaceutical drugs. On March 4, 2013 after the close of trading, Impax announced that it had received a second Form 483 inspectional observation notice by the U.S. Food and Drug Administration (the “FDA”) regarding the results of a re-inspection of the Company’s Hayward manufacturing facility. The FDA identified 12 different problems at the Hayward plant that need to be fixed, some of which related to the testing and evaluation processes for the Company’s Parkinson’s disease treatment drug Rytary, which was scheduled to launch in the first half of 2014.
The recent FDA inspection, which spanned from January until the end of February 2013, was also not disclosed by the Company during its fourth-quarter conference call on February 25, 2013. On March 5, 2013, the day following the Company’s announcement, Impax shares closed at $14.80, down 26% from the prior day’s closing price.
If you purchased Impax common stock and you would like to discuss this investigation or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Christopher Matthews or Jack Fruchter of Abraham, Fruchter & Twersky, LLP toll free at (800) 440-8986, or via e-mail at, respectively, email@example.com or firstname.lastname@example.org. You may also visit the firm’s website at http://www.aftlaw.com.
Abraham, Fruchter & Twersky, LLP has extensive experience in securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.
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