The Shareholders Foundation announces that an investor, who purchased shares of Impax Laboratories Inc (NASDAQ:IPXL), filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Impax Laboratories Inc in connection with certain allegedly false and misleading statements made between May 20, 2013 and July 28, 2014.
Investors who purchased shares of Impax Laboratories Inc (NASDAQ:IPXL) have certain options and for certain investors are short and strict deadlines running. Deadline: October 13, 2014. NASDAQ:IPXL investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Impax Laboratories Inc (NASDAQ:IPXL) common shares between May 20, 2013 and July 28, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims 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 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.
On March 7, 2013 and April 8, 2013, lawsuits were filed by investors against Impax Laboratories, Inc and certain current and former officers and directors of Impax Laboratories, Inc alleging that the Company and certain officers and directors violated the federal securities law by makingallegedly materially false and misleading statements and/or failed to disclose material adverse facts to the public in connection with manufacturing deficiencies at the Hayward, California manufacturing facility, including but not limited to the impact the deficiencies would have on the Company’s ability to gain approval from the FDA for the Company’s branded product candidate, RYTARYTM and its generic version of Concerta. In September 2013 a consolidated amended complaint was filed.
Impax Laboratories Inc reported that while its annual Total Revenue declined from $581.69 million in 2012 to $511.50 million in 2013, that its respective Net Income grew from $55.87 million to $101.26 million.
Shares of Impax Laboratories Inc grew from $15.44 per share in late March 2014 to as high as $30.68 per share on July 3, 2014.
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 August 25, 2014, NASDAQ:IPXL shares closed at $24.74 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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