LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP filed a shareholder class action lawsuit on August 13, 2014, 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).
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 common stock fell $4.27 per share, or over 15%, to close at $23.76 per share on July 29, 2014, on heavy trading volume.
Then, on September 17, 2014, Impax announced that the U.S. Food and Drug Administration had extended the Prescription Drug User Fee Act (PDUFA) date, from October 9, 2014 to January 9, 2015, for the agency’s review of the New Drug Application (NDA) for RYTARY.
The Complaint filed by Glancy Binkow & Goldberg LLP alleges that the Company misrepresented or failed to disclose material information regarding quality control matters at the Taiwan production facility, including manufacturing deficiencies which could have a material adverse impact on the Company’s ability to successfully launch RYTARY.
If you purchased Impax securities between May 20, 2013 and July 28, 2014, and suffered a loss, you may move the Court no later than October 13, 2014, to serve as lead plaintiff in this class action lawsuit, if you meet certain legal requirements. To be a member of the Class in this action, 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, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150 or (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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