Levi & Korsinsky is investigating potential claims on behalf of purchasers of Impax Laboratories Inc. (“Impax” or the “Company”) (Nasdaq: IPXL) securities concerning possible breaches of fiduciary duty.
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On March 4, 2013, shares of Impax fell more than 20 percent after the Company’s announcement that, upon an inspection of the Company’s Hayward, California plant, the FDA issued a new Form 483 with twelve observations, three of which are designated as repeat observations from past inspections. As a result of the FDA’s concerns, new and pending applications that relate to the facility may be withheld until the Form 483 problems are resolved. The FDA previously sent Impax a warning letter in January 2011 based on an inspection of the Hayward, Calif., plant, and found other problems in a March 2012 inspection. Following the March 2012 inspection, the FDA said the original problems had been addressed, but found problems in the facilities’ quality control laboratory. On March 5, 2013, the day following the Company’s announcement, Impax shares closed at $14.80, down 26% from the prior day’s closing price.
If you own Impax stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/impax-laboratories-ipxl/.Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.