NEW YORK, Jan. 6, 2017 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a securities class action has been filed in the United States District Court for the District of New Jersey on behalf of a class (the "Class") consisting of all persons or entities who purchased the securities of Impax Laboratories, Inc. ("Impax" or the "Company") (NASDAQ: IPXL) during the period between February 20, 2014 and November 3, 2016, inclusive (the "Class Period"). The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Impax is a specialty pharmaceutical company that develops, manufactures and markets bioequivalent pharmaceutical products.
On November 3, 2016, Bloomberg published an article disclosing a two-year investigation by the U.S. Department of Justice ("DOJ") into suspected price collusion by several generic pharmaceutical companies. The article – which mentioned, among other companies, Impax – also reported that a "grand jury probe is examining whether some executives agreed with one another to raise prices, and the first charges could emerge by the end of the year." Following this news, shares of Impax's stock declined $4.00 per share, or over 19.5%, to close on November 3, 2016 at $16.50 per share, on heavy trading volume.
Plaintiffs allege that Impax and certain of its officers made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period, including the following: (1) Impax was engaging and/or had engaged in conduct that would cause the antitrust division of the DOJ and the Connecticut Attorney General to conduct extensive investigations of possible collusion of generic drug pricing; (2) Impax received two subpoenas, one from the DOJ and another from the Connecticut Attorney General, which sought documents relating to violations of the federal and state antitrust laws; (3) the DOJ investigation and the underlying conduct was likely to result in criminal charges against Impax, and possibly its officers and directors, for collusion of generic drug pricing; and (4) as a result, Impax lacked effective internal controls over financial reporting. The complaint further alleges that, as a result of the foregoing, Defendants' public statements were materially false and misleading at all relevant times.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Impax securities during the Class Period. If you invested in Impax securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than January 9, 2017.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Impax investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or email@example.com.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to the National Law Journal's "Plaintiffs' Hot List" thirteen times.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of New Jersey.
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SOURCE Bernstein Liebhard LLP