SAN FRANCISCO, Aug. 25, 2014 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a top-tier investor-rights law firm, advises investors of the October 14, 2014, lead plaintiff deadline in the securities fraud class action against Impax Laboratories, Inc. (Nasdaq:IPXL) ("Impax" or "the Company"), a maker of both brand-name and generic pharmaceutical products. Investors who purchased Impax shares between May 20, 2013 and July 28, 2014 (the "Class Period") should contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000, emailing IPXL@hbsslaw.com or visiting http://hb-securities.com/investigations/IPXL.
The complaint, filed in California's Northern District Court on August 13, 2014, and docketed under 3:14-cv-03673, alleges that in violation of current Good Manufacturing Practices, the Company failed to maintain proper quality control and manufacturing practices at its Taiwan facility. The Company also failed to disclose that these manufacturing problems could have a materially adverse impact on Impax's ability to launch its new drug, RYTARY, whose launch has already been delayed because of similar manufacturing deficiencies at its facilities in Hayward, California in 2013. Further, the Company's manufacturing problems also jeopardized Impax's ability to manufacture, sell, and distribute generic pharmaceutical products. The truth was revealed on July 29, 2014, when Impax announced that the FDA had completed an inspection of the Company's Taiwan facility. Based on its inspection, the FDA issued a Form 483 (a form used by the FDA to document and communicate deficiencies in a company's manufacturing quality-control system), stating that it had found "ten inspectional observations," or deficiencies, at the Taiwan facility. On this news, the Company's shares fell $4.27, or over 15%, to close at $23.76 on July 29, 2014.
"It is hard to believe that Impax can't seem to learn its lesson. With its factories under constant scrutiny, and its share price dropping, it is time this Company was held accountable for its systematic failure to provide truth and value to shareholders," said Mr. Kathrein.
If you have suffered a loss from Impax Laboratories investment purchased on or after May 20, 2013 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm's Securities Newsletter at http://www.hb-securities.com/newsletter. The firm's blog is located at www.meaningfuldisclosure.com.
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