| Company: | Impax Laboratories, Inc |
| Ticker Symbol: | IPXL |
| Class Period: | May-20-13 to Jul-28-14 |
| Date Filed: | Aug-25-14 |
| Lead Plaintiff Deadline: | Oct-24-14 |
| Court: | -- |
| Allegations: | |
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' ability to successfully launch its new drug, RYTARY, a long-acting capsule to treat the symptoms of Parkinson' disease; and (3) the manufacturing deficiencies at the Taiwan facility jeopardized the Company' 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' 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.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
