RADNOR, Pa., Nov. 12, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Impax Laboratories, Inc. (NASDAQ: IPXL) ("Impax" or the "Company") on behalf of purchasers of the Company's securities between February 20, 2014 and November 3, 2016, inclusive (the "Class Period").
Investors who purchased Impax securities during the Class Period may, no later than January 9, 2017, petition the Court to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/impax-laboratories-inc#join.
Impax shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or at [email protected].
Impax is a specialty pharmaceutical company that develops, manufactures and markets bioequivalent pharmaceutical products.
On November 3, 2016, Bloomberg published an article entitled "U.S. Charges in Generic-Drug Probe to Be Filed by Year End." That article disclosed a two year investigation by the U.S. Department of Justice ("DOJ") into suspected price collusion by several generic pharmaceutical companies, and 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.
The shareholder complaint alleges that Impax and certain of its executive officers made a series of 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) Impax lacked effective internal controls over financial reporting. The complaint further alleges that, as a result of the foregoing, the defendants' public statements were materially false and misleading at all relevant times.
Impax shareholders may, no later than January 9, 2017, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/impax-laboratories-inc#join.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP