BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the securities of Impax Laboratories, Inc. (“Impax” or the “Company”) (NASDAQ:IPXL) between May 20, 2013 and July 28, 2014, inclusive (the “Class Period”).
Impax develops, manufactures and markets bioequivalent pharmaceutical products, and develops and markets branded products. The Company currently has one late-stage branded pharmaceutical product candidate being developed internally, RYTARY™ (IPX066), an extended-release capsule formulation of carbidopa-levodopa for the symptomatic treatment of Parkinson’s disease.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding quality control matters at the Company’s Taiwan production facility. Specifically, defendants misrepresented and/or failed to disclose that: (1) the Company 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 the Company’s ability to successfully launch RYTARY, and jeopardized the Company’s ability to manufacture, sell, and distribute generic pharmaceutical products; and (3), based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its outlook, including statements about its ability to launch RYTARY.
On July 29, 2014, Impax announced that the Food and Drug Admission had completed an inspection of the Company’s Taiwan facility, and that the agency issued a Form 483, stating that it had found “ten inspectional observations,” or deficiencies, at the Taiwan facility. On this news, shares of Impax declined $4.27 per share, 15.23%, to close on July 29, 2014, at $23.76 per share, on unusually heavy volume.
If you are a member of the Class described above, you have until October 14, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.