IMPAX Laboratories, Inc. NASD: IPXL

A class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of IMPAX Laboratories, Inc. ("IMPAX") (NASDAQ:IPXL) common stock during the period between May 5, 2004 and November 3, 2004 (the "Class Period").

The complaint charges IMPAX and certain of its officers and directors with violations of the Securities Exchange Act of 1934. IMPAX is a technology-based, specialty pharmaceutical company focused on the development and commercialization of generic and brand name pharmaceuticals.

The complaint alleges that during the Class Period, defendants caused IMPAX shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, defendants were able to engage in an insider trading scheme for proceeds of more than $32 million.

On November 3, 2004, the Company issued a press release announcing that the "Company has postponed its release of 2004 third quarter financial results to Tuesday, November 9, 2004 in order to allow its independent auditors more time to complete their review of the Company's third quarter financial statements, including the timing of certain customer credits on bupropion products marketed by a strategic partner." On this news, the Company's shares plummeted from $13 to $10.07, a one day decline of 23% on volume of 4.6 million shares. Then, on November 9, 2004, IMPAX announced that its 2004 results would be restated.

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.