NEW YORK, March 14, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a class action suit was filed in the United States District Court for the Northern District of California on behalf of purchasers of Impax Laboratories Inc. ("Impax" or the "Company") (NasdaqGS: IPXL) between June 6, 2011 through March 4, 2013, inclusive (the "Class Period").
The complaint charges Impax and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period the defendants misrepresented and/or failed to disclose that: (1) the Company failed to maintain proper quality control and manufacturing practices at its Hayward facility in violation of current GMP; (2) the Company failed to take proper remedial actions to correct quality control issues previously identified by the FDA in prior inspections at the Hayward facility; and (3) the Company failed to disclose the extent of the adverse impact the manufacturing deficiencies at the Hayward facility could have on the Company's ability to successfully launch its new drug, Rytary.
On March 4, 2013, the Company disclosed that the FDA issued a new Form 483 with twelve observations, three of which are designated as repeat observations from past inspections. New and pending applications that relate to the Hayward, California manufacturing facility may be withheld by the FDA until the Form 483 problems are solved. The FDA 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. The March 2012 inspection, the FDA said the original problems had been addressed, but it found problems in its quality control laboratory. On this news, Shares of Impax stock were down over 26% or $5.20 per share to close at $14.80 on March 5, 2013.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email Peretz@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. May 6, 2013 is the deadline for investors to seek a lead plaintiff appointment.Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.