WAYNE, Pa., March 12, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/ipxl) announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Impax Laboratories, Inc. ("Impax") (NASDAQ: IPXL) common stock during the period between June 6, 2011 and March 4, 2013 (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/ipxl)
The complaint charges Impax and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Impax is a specialty pharmaceutical company engaged in the development, manufacture and marketing of bio-equivalent pharmaceutical products, or generics, in addition to the development of branded products.
Prior to the Class Period, Impax had 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 ("GMP"). The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating 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 RYTARYTM ("Rytary"), an extended-release drug for treatment of Parkinson's disease.
On March 4, 2013, Impax announced that the FDA had completed an inspection of the Company's Hayward facility. The FDA's inspection covered three areas, including a re-inspection of the Hayward facility in connection with the May 2011 warning letter to verify the implementation of corrective actions by the Company; a Pre-Approval Inspection for Rytary, as analytical method validation and a portion of the stability data was generated at the Hayward facility; and a general GMP inspection. Based on its inspection, the FDA issued a new Form 483 (a form used by the FDA to document and communicate deficiencies in a company's quality system discovered during an on-site inspection), which stated it had found twelve problems at the Hayward facility that the Company needed to correct. The Company further indicated that due to the continuing manufacturing deficiencies, it did not expect to be able to launch Rytary until 2014. On this news, Impax's stock plummeted $5.20 per share to close at $14.80 per share on March 5, 2013, a one-day decline of 26% on high volume.
If you are a member of the class, you may, no later than May 6, 2013, request that the Court appoint you as lead plaintiff of the class. 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 Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/ipxl or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP