NEW YORK, March 6, 2013 /PRNewswire/ -- Harwood Feffer LLP ( www.hfesq.com) is investigating potential claims against the board of directors of Impax Laboratories, Inc. ("Impax" or the "Company") (NASDAQ: IPXL), concerning whether the board has breached its fiduciary duties to shareholders.
On March 4, 2013, the Company disclosed that the Food and Drug Administration ("FDA") had identified 12 different problems at a Hayward, California manufacturing facility that must be resolved. The Company had purportedly already addressed three of the problems cited by the FDA.
On this news, Impax shares lost more than 25% of their value in one day of trading to close at $14.80 per share on March 5, 2013, down from $19.96 per share at close on March 4, 2013.Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. If you own Impax shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: Robert I. Harwood, Esq. Matthew M. Houston, Esq. Benjamin I. Sachs-Michaels, Esq.Harwood Feffer LLP488 Madison Avenue New York, New York 10022Phone Numbers: (877) 935-7400 (212)935-7400Email: firstname.lastname@example.org Website: http://www.hfesq.com Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ( http://www.hfesq.com) for more information about the firm. Attorney Advertising. © 2013 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP ( www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. SOURCE Harwood Feffer LLP