The Shareholders Foundation announces that an investor who currently hold shares of Impax Laboratories Inc (NASDAQ:IPXL) filed a lawsuit against certain Impax Laboratories directors over alleged breaches of fiduciary duties. .
Investors who purchased shares of Impax Laboratories Inc (NASDAQ:IPXL) and currently hold any of those NASDAQ:IPXL shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants made false and misleading statements regarding quality control matters at Impax Laboratories’ production facilities in Hayward, Calif., and Taiwan.
On March 04, 2013, Impax Laboratories, Inc announced that the U.S. Food and Drug Administration (FDA) completed its re-inspection of the Company’s Hayward manufacturing facility in connection with the previously disclosed Form 483 issued in March 2012. I mpax 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.
On March 7, 2013 a lawsuit was filed again Impax Laboratories Inc over alleged violations of Federal Securities laws. 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 Impax Laboratories Inc’s Hayward facility, and the impact the deficiencies would have on Impax Laboratories Inc’s ability to gain FDA approval for RYTARY(TM), an extended-release drug for treatment of Parkinson’s disease.
Then on July 29, 2014 Impax Laboratories, Inc. 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.
On august 13, 2014 another lawsuit was filed against Impax Laboratories Inc over alleged violations of Federal Securities laws. The plaintiff in that lawsuit alleges that Defendants made certain 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 January 5, 2015, NASDAQ:IPXL shares closed at $30.41 per share.
Those who purchased shares of Impax Laboratories Inc have certain options and should contact the Shareholders Foundation.
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