BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming January 9, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Impax Laboratories, Inc. (“Impax” or the “Company”) (NASDAQ: IPXL) securities between February 25, 2014 and November 3, 2016, inclusive (the “Class Period”). Impax investors have until January 9, 2017 to file a lead plaintiff motion.
According to the complaint filed in this lawsuit Defendants made materially false and/or misleading statements regarding its participation in an alleged price fixing scheme with other generic drug companies. The complaint further alleges that they failed to disclose that: (1) Impax was engaging and/or had engaged in conduct that would result in an antitrust investigation by the U.S. Department of Justice ("DOJ"); (2) the DOJ investigation and the underlying conduct could cause U.S. prosecutors to file criminal charges against Impax by the end of 2016 for suspected price collusion; (3) in turn, Impax lacked effective internal controls over financial reporting; and (4) as a result, Impax's public statements were materially false and misleading at all relevant times.
Note: On December 14, 2016, the United States Justice Department accused two Heritage Pharmaceuticals Inc. executives of colluding with other generic pharmaceutical companies to fix prices, the first criminal charges stemming from a sweeping criminal investigation into alleged price fixing by over a dozen generic drug companies.
If you purchased Impax shares, you may move the Court no later than January 9, 2017 to request appointment as lead plaintiff. 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, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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