San Diego, CA -- (ReleaseWire) -- 03/25/2013 -- An investigation on behalf of current long term investors in shares of Impax Laboratories Inc (NASDAQ:IPXL) was announced concerning whether certain directors and officers of Impax Laboratories breached their fiduciary duties in connection with certain statements made between June 6, 2011 and March 3, 2013.
Investors who are current long term stockholders in Impax Laboratories Inc (NASDAQ:IPXL) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Impax Laboratories Inc (NASDAQ:IPXL) stocks follows a lawsuit filed earlier against Impax Laboratories Inc over alleged securities laws violations. . The investigation on behalf of current long term investors in Impax Laboratories Inc (NASDAQ:IPXL) stocks concerns whether certain Impax Laboratories officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that Impax Laboratories Inc violated the Securities Exchange Act of 1934.
Impax Laboratories received a warning letter from the U.S. Food and Drug Administration ("FDA"), dated May 31, 2011, related to an inspection of its Hayward, California facility, which cited problems in deviation from current Good Manufacturing Practices
The plaintiff claims that the defendants allegedly issued false and misleading statements to the investing public in connection with their efforts to correct manufacturing deficiencies at the Company's Hayward facility, and the impact the deficiencies would have on the Company's ability to gain FDA approval for RYTARY(TM), an extended-release drug for treatment of Parkinson's disease.
On March 04, 2013, Impax Laboratories, Inc announced that the U.S. Food and Drug Administration (FDA) completed its re-inspection of the Company’s Hayward manufacturing facility in connection with the previously disclosed Form 483 issued in March 2012. mpax Laboratories Inc said that at the conclusion of this inspection, the FDA issued a new Form 483 with twelve (12) observations, three (3) of which are designated as repeat observations from inspections that occurred prior to the Warning Letter.
Impax Laboratories’ stock traded as high as $27.02 per share on October 2, 2012 and declined to as low as $14.53 per share on March 6, 2013.
Those who are current long term stockholders in Impax Laboratories Inc (NASDAQ:IPXL) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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