NEW YORK, Nov. 18, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Impax Laboratories Inc. ("Impax" or the "Company") (NASDAQ: IPXL) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-06557, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Impax securities between February 20, 2014 and November 2, 2016, both dates inclusive (the "Class Period"), seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Impax securities during the Class Period, you have until January 9, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Impax, a specialty pharmaceutical company, develops, manufactures, and markets bioequivalent pharmaceutical products. Impax Laboratories, Inc. has a strategic alliance agreement with Teva Pharmaceuticals Curacao N.V. to develop, manufacture, and distribute controlled release generic pharmaceutical products.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Impax and several of its pharmaceutical industry peers colluded to fix generic drug prices; (ii) the foregoing conduct constituted a violation of U.S. antitrust laws; (iii) consequently, Impax's revenues during the Class Period were in part the result of illegal conduct; and (iv) as a result of the foregoing, Impax's public statements were materially false and misleading at all relevant times.
On November 3, 2016, media outlets reported that U.S. prosecutors might file criminal charges by the end of 2016 against Impax and several other pharmaceutical companies for unlawfully colluding to fix generic drug prices.
On this news, Impax's share price fell $4.00, or 19.51%, to close at $16.50 on November 3, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP