MILWAUKEE, Dec. 22, 2004 (PRIMEZONE) -- Ademi & O'Reilly, LLP (http://www.ademilaw.com/cases/IMPAX.php) today announced it has commenced a class action lawsuit against IMPAX Laboratories, Inc. ("IMPAX" or the "Company") (Nasdaq:IPXL) and individual defendants Barry D. Edwards (IMPAX CEO and a Director) and Cornel C. Spiegler (IMPAX CFO), on behalf of all persons or entities who purchased the securities of IMPAX during the period from May 5, 2004 to November 3, 2004, inclusive (the "Class Period"). The case, Civil Action Number 04 5252 in the United States District Court, Northern District of California, is assigned to Judge Charles R. Bryer.
If you wish to serve as lead plaintiff, you must move the Court by January 11, 2005. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Guri Ademi at 866-264-3995 or via e-mail at gademi@ademilaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.ademilaw.com/cases/IMPAX.php. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The Class Period ends on November 3, 2004, when IMPAX shocked the investing public by postponing its ``release of 2004 third quarter financial results to Tuesday, November 9, 2004 in order to allow its independent auditors more time to complete their review of the Company's third quarter financial statements, including the timing of certain customer credits on buproprion products marketed by a strategic partner.'' Investor reaction was swift and negative, with IMPAX stock falling more than 22% on November 4, 2004 on high trading volume.