SAN FRANCISCO--(BUSINESS WIRE)--Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the October 13, 2014 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of those who purchased or otherwise acquired the securities of Impax Laboratories, Inc. (“Impax”) (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.
The action charges Impax and certain of its senior officers with violations of the Securities Exchange Act of 1934.
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) these deficiencies jeopardized Impax’s ability to manufacture, sell, and distribute generic pharmaceutical products.
On July 29, 2014, Impax announced that the Food and Drug Administration completed an inspection of its Taiwan facility 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 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.
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For eleven years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. 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.
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