NEW YORK, March 29, 2013 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Impax Laboratories, Inc. ("Impax" or the "Company") (NASDAQ: IPXL).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company failed to maintain proper quality control and manufacturing practices at its Hayward facility in violation of current Good Manufacturing Practices ("GMP"); (2) the Company failed to take proper remedial actions to correct quality control issues previously identified by the FDA in prior inspections at the Hayward facility; and (3) the Company failed to disclose the extent of the adverse impact the manufacturing deficiencies at the Hayward facility could have on the Company's ability to successfully launch its new drug, Rytary.
On March 4, 2013, Impax announced that the FDA had completed an inspection of the Company's Hayward facility. Based on its investigation, 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.
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Take Action
If you invested in Impax stock or options between June 6, 2011 and March 4, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/IPXL. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Impax's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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Francis McConville, Esq.
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Telephone: (877) 247-4292 or (212) 983-9330
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