The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Impax engaged in misconduct that would cause the antitrust division of the U.S. Department of Justice ("DOJ") and the Connecticut Attorney General ("CT Attorney General") to conduct extensive investigations of possible collusion of generic drug pricing; (2) Impax received two subpoenas 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; (4) Impax lacked effective internal controls over financial reporting; and (5) as a result, the Company's public statements were materially false and misleading.
Specifically, on November 3, 2016, Bloomberg published an article entitled "U.S. Charges in Generic-Drug Probe to Be Filed by Year End" which discussed the DOJ's two year investigation about suspected price collusion by several pharmaceutical companies, including Impax, which will likely result in prosecutors filing criminal charges by the end of the year, as well as the CT Attorney General's investigation.
On this news, Impax's share price fell from $20.50 per share on November 2, 2016 to a closing price of $16.50 on November 3, 2016—a $4.00 or a 19.51% drop.
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If you invested in Impax common stock or options between February 25, 2014 and November 3, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/IPXL. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Impax's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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SOURCE Faruqi & Faruqi, LLP