LOS ANGELES, April 19, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") comprising all purchasers of the common stock of Impax Laboratories, Inc. ("Impax" or the "Company") (Nasdaq:IPXL) between June 6, 2011 and March 4, 2013, inclusive (the "Class Period"). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the class action suit and have until May 6, 2013 to file a motion with the Court to be appointed as lead plaintiff.
Impax is a specialty pharmaceutical company involved in the development, manufacture and marketing of bioequivalent pharmaceutical products and branded products. The Complaint alleges that during the Class Period the Company and certain of its officers and directors violated federal securities laws by making false and misleading statements in connection with manufacturing deficiencies at the Company's Hayward, California, facility, including the impact these deficiencies would have on the Company's ability to gain FDA approval for its drug RytaryTM.
On March 4, 2013 the Company announced that the FDA had completed an inspection of the Hayward facility. According to the Company, the FDA found twelve problems at the Hayward facility that the Company needed to correct. The Company further announced that due to continuing manufacturing deficiencies, Impax did not expect to be able to launch its RytaryTM drug until 2014. On this news, shares of Impax declined $5.20 per share, or 26%, to close at $14.80 per share on March 5, 2013, on unusually heavy volume.
If you purchased Impax common stock during the Class Period, you may move the Court to serve as lead plaintiff no later than May 6, 2013; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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