The Shareholders Foundation announces that an investigation is ongoing for current long-term investors in shares of Impax Laboratories Inc (NASDAQ:IPXL) possible breaches of fiduciary duties by certain officers and directors of Impax Laboratories Inc.
Investors who purchased shares of Impax Laboratories Inc (NASDAQ:IPXL) in 2011 or earlier and currently hold any of those NASDAQ:IPXL shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in Impax Laboratories Inc (NASDAQ:IPXL) stocks follows a lawsuit that is pending against Impax Laboratories Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:IPXL stocks concerns whether certain Impax Laboratories officers and directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges on behalf of purchasers of Impax Laboratories Inc (NASDAQ:IPXL) common stock during the period between June 6, 2011 and March 4, 2013, that Impax Laboratories Inc violated the Securities Exchange Act of 1934. More specifically, the plaintiff claims that the defendants allegedly issued false and misleading statements to the investing public in connection with their efforts to correct manufacturing deficiencies at the Company’s Hayward facility, and the impact the deficiencies would have on the Company’s ability to gain U.S. Food and Drug Administration (“FDA”) approval for RYTARY(TM), an extended-release drug for treatment of Parkinson’s disease.
On March 04, 2013, Impax Laboratories, Inc announced that the FDA completed its re-inspection of the Company’s Hayward manufacturing facility in connection with the previously disclosed Form 483 issued in March 2012. Impax Laboratories Inc said that at the conclusion of this inspection, the FDA issued a new Form 483 with twelve (12) observations, three (3) of which are designated as repeat observations from inspections that occurred prior to the Warning Letter. Shares of Impax Laboratories Inc (NASDAQ:IPXL) dropped from $20.00 on March 4, 2013, to as low as $14.49 per share on March 5, 2013.
The plaintiff alleges that As a result of defendants’ statements between June 6, 2011 and March 4, 2013, Impax Laboratories’ stock traded at artificially inflated prices, reaching a high of $27.02 per share on October 2, 2012 and seeks to recover damages on behalf of all purchasers of Impax Laboratories common stock between June 6, 2011 and March 4, 2013.
Those who are current investors in Impax Laboratories Inc (NASDAQ:IPXL) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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