The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Impax Laboratories Inc (NASDAQ:IPXL) was launched concerning potential breaches of fiduciary duties by certain directors and officers of Impax Laboratories.
Investors who are current long term investors in Impax Laboratories Inc (NASDAQ:IPXL) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NASDAQ:IPXL stocks follows a lawsuit filed recently 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.
According to that complaint filed in the U.S. District Court for the District of New Jersey the plaintiff alleges that Defendants made allegedly false and/or misleading statements and/or failed to disclose that Impax Laboratories Inc failed to maintain proper quality control and manufacturing practices at its Taiwan facility in violation of current Good Manufacturing Practices (“cGMP”), that the manufacturing deficiencies at the Taiwan facility could have a material adverse impact on Impax Laboratories Inc’s ability to successfully launch its new drug, RYTARY, that the manufacturing deficiencies at the Taiwan facility jeopardized Impax Laboratories Inc’s ability to manufacture, sell, and distribute generic pharmaceutical products, and that based upon the above, Defendants lacked a reasonable basis for their positive statements about Impax Laboratories Inc and its outlook, including statements about its ability to launch RYTARY.
On July 29, 2014 Impax Laboratories, Inc. (NASDAQ: IPXL) announced that the U.S. Food and Drug Administration (FDA) performed a general GMP inspection and a Pre-Approval Inspection for RYTARYTM at the Company’s Taiwan manufacturing facility from July 21 to July 26, 2014 and that at the conclusion of the inspection, the FDA issued a Form 483 with ten inspectional observations. Shares of Impax Laboratories Inc (NASDAQ:IPXL) declined from $30.68 per share in early July 2014 to as low as $22.12 per share on August 4, 2014.
On October 3, 2014, NASDAQ:IPXL shares closed at $24.38 per share.
Those who purchased shares of Impax Laboratories Inc (NASDAQ:IPXL) have certain options and should contact the Shareholders Foundation.
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