SAN DIEGO and HAYWARD, Calif., Aug. 19, 2014 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Impax Laboratories, Inc. (Nasdaq:IPXL) has filed a federal securities fraud class action complaint in the U.S. District Court for the Northern District of California. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between May 20, 2013 and July 28, 2014 (the "Class Period"). Impax, a specialty pharmaceutical company, develops, manufactures, and markets bioequivalent pharmaceutical products, and develops and markets branded products.
Impax Is Accused of Failing to Comply with Current Good Manufacturing Practices
According to the complaint, on July 29, 2014, shares of Impax dropped more than 15% to close at $23.76 following the company's announcement of deficiencies found by the Food and Drug Administration at its Taiwan facility. A satisfactory inspection of the facility is required for Impax to launch its new drug, RYTARY.
The complaint further alleges that Impax made false and/or misleading statements and failed to disclose that: (i) the company failed to maintain proper quality control and manufacturing practices at its Taiwan facility in violation of current Good Manufacturing Practices; (ii) the manufacturing deficiencies found by the FDA at the Taiwan facility could have a material adverse impact on the company successfully launching RYTARY; (iii) the manufacturing deficiencies stated in the inspection jeopardized the company's ability to manufacture, sell, and distribute pharmaceutical products; and (iv) based on the information above, defendants lacked a reasonable basis for the positive statements about the company, including its ability to launch RYTARY.
Impax Investors Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
If you invested in Impax and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: www.robbinsarroyo.com/shareholders-rights-blog/impax-laboratories-august-2014.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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