RM Law announces that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of all persons or entities that purchased Impax Laboratories, Inc. (NASDAQ: IPXL) (“Impax” or the “Company”) common shares between February 20, 2014 and November 3, 2016, inclusive (the “Class Period”).
Impax shareholders may, no later than January 9, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Impax and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/ipxl.
Impax is a specialty pharmaceutical company that develops, manufactures and markets bioequivalent pharmaceutical products.
The 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.
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.
If you are a member of the class, you may, no later than January 9, 2017, 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 RM Law or other counsel of your choice, to serve as your counsel in this action.