NEW YORK, Dec. 14, 2004 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action lawsuit against IMPAX Laboratories, Inc. ("IMPAX" or the "Company") (Nasdaq:IPXL) and individual defendants Barry D. Edwards (IMPAX CEO and a Director) and Cornel C. Spiegler (IMPAX CFO), on behalf of all persons or entities who purchased the securities of IMPAX during the period from May 5, 2004 to November 3, 2004, inclusive (the "Class Period"). The case, Civil Action Number 04 5252 in the United States District Court, Northern District of California, is assigned to Judge Charles R. Bryer.
IMPAX is a technology-based pharmaceutical company that develops and markets generic and brand name prescription drugs. The complaint alleges that during the Class Period, the individual defendants caused IMPAX shares to trade at artificially inflated levels by disseminating false and misleading statements concerning the Company's finances and operations, and benefited from the inflation by engaging in an insider trading scheme for proceeds of more than $32 million.
The Class Period ends on November 3, 2004, when IMPAX shocked the investing public by postponing its "release of 2004 third quarter financial results to Tuesday, November 9, 2004 in order to allow its independent auditors more time to complete their review of the Company's third quarter financial statements, including the timing of certain customer credits on buproprion products marketed by a strategic partner." Investor reaction was swift and negative, with IMPAX stock falling more than 22% on November 4, 2004 on high trading volume.
If you purchased the securities of IMPAX during the Class Period, you have until January 11, 2005 to ask the Court to appoint you as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Carolyn S. Moskowitz (csmoskowitz@pomlaw.com) or Teresa L. Webb (tlwebb@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.