SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or otherwise acquired the securities of Impax Laboratories, Inc. (“Impax” or the “Company”) (NasdaqGS: IPXL) between May 20, 2013 and July 28, 2014, inclusive (the “Class Period”).
If you purchased or otherwise acquired Impax securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than October 13, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Impax investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Impax Securities Class Litigation
The action charges Impax and certain of its senior officers with violations of the Securities Exchange Act of 1934. Impax is a specialty pharmaceutical company engaged in the development, manufacture, and marketing of generic and proprietary branded pharmaceutical products.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Impax failed to maintain proper quality control and manufacturing practices at its Taiwan facility, in violation of current Good Manufacturing Practices; (2) the manufacturing deficiencies at the Taiwan facility could have a material adverse impact on Impax’s ability to successfully launch its new drug, RYTARY, a long-acting capsule to treat the symptoms of Parkinson’s disease; and (3) the manufacturing deficiencies at the Taiwan facility jeopardized the Company’s ability to manufacture, sell, and distribute generic pharmaceutical products.
On July 29, 2014, Impax announced that the Food and Drug Administration (the “FDA”) completed an inspection of its Taiwan facility, including a Pre-Approval Inspection for RYTARY and a general good manufacturing practices inspection, and found “ten inspectional observations,” or deficiencies, including invalidated equipment being used in the drug manufacturing process and the failure to conduct a thorough review of failed batches and reject drug products that did not conform to specifications. On the same day, Impax filed a Form 8-K with the Securities and Exchange Commission providing a redacted version of the FDA’s inspectional observations form. On this news, the price of Impax stock fell $4.27 per share, or 15.23%, from a previous closing price of $28.03, to close at $23.76 per share on July 29, 2014, on extraordinarily heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.