SOURCE: Hagens Berman Sobol Shapiro LLP

Hagens Berman Sobol Shapiro LLP

September 30, 2014 13:01 ET

Two Week Reminder: Hagens Berman Reminds Impax Laboratories, Inc. Investors of the Oct. 14, 2014 Lead Plaintiff Class-Action Deadline

SAN FRANCISCO, CA--(Marketwired - September 30, 2014) - Hagens Berman Sobol Shapiro LLP, a top-tier investor-rights law firm, reminds investors of the October 14, 2014, lead plaintiff deadline in the securities fraud class action against Impax Laboratories, Inc. (NASDAQ: IPXL) ("Impax" or "the Company"). Investors who purchased Impax shares between May 20, 2013 and July 28, 2014 (the "Class Period") may have substantial losses and should contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling (510) 725-3000, emailing IPXL@hbsslaw.com or visiting http://hb-securities.com/investigations/IPXL.

The complaint, filed in California's Northern District Court on August 13, 2014, and docketed under 3:14-cv-03673, alleges that the Company failed to maintain proper quality control and manufacturing practices at its Taiwan facility in violation of current Good Manufacturing Practices. The Company also failed to disclose that these manufacturing problems could have a materially adverse impact on Impax's ability to launch its new drug, RYTARY, whose launch was already delayed because of similar manufacturing deficiencies at its facilities in Hayward, California discovered in 2013. These manufacturing problems jeopardized Impax's ability to manufacture, sell and distribute generic pharmaceutical products.

The truth was revealed on July 29, 2014, when Impax announced that the FDA had completed an inspection of the Company's Taiwan facility and issued a Form 483 (a form used by the FDA to document and communicate deficiencies in a company's manufacturing quality-control system), stating that it had found "ten inspectional observations," or deficiencies, at the Taiwan facility. On this news, the Company's shares fell $4.27, or over 15%, to close at $23.76 on July 29, 2014.

"Impax's pattern of manufacturing deficiencies endanger the health and safety of their customers, and betray the trust of their shareholders. It is time this Company was held accountable for its systematic failure to provide truth and value to shareholders," said Mr. Kathrein.

If you have suffered a loss from shares of Impax Laboratories purchased on or after May 20, 2013 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.

Persons with non-public information should consider their options to help in the investigation. For more information, call Reed Kathrein at 510-725-3000 or email IPXL@hbsslaw.com.

About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm's Securities Newsletter at http://www.hb-securities.com/newsletter. The firm's blog is located at www.meaningfuldisclosure.com.

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Contact Information

  • Contact:
    Reed Kathrein
    510-725-3000