NEW YORK, Nov. 17, 2016 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed against Impax Laboratories Inc. ("Impax" or the "Company") (NASDAQ: IPXL ) and certain of its officers. This class action is on behalf of a class consisting of all persons who purchased Impax between February 25, 2014 and November 3, 2016, both dates inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The complaint alleges that throughout the Class Period, Defendants made false and misleading statements and/or failed to disclose that: (1) Impax was involved in and/or had been involved in conduct that would result in an antitrust investigation by the U.S. Department of Justice and the State of Connecticut Office of the Attorney General; (2) ) the DOJ investigation and the misconduct may instigate U.S. prosecutors to file criminal charges against Impax for alleged price manipulation; (3) as a result, Impax lacked effective internal controls; and (4) consequently, Impax’s public statements were materially false and misleading at all relevant times.
On November 3, 2016, Bloomberg News reported that Impax is being investigated by the Justice Department, along with other companies including Mylan NV, Allergan PLC, Teva Pharmaceutical Industries Ltd, Endo International Plc, Lannett Co., Sun Pharmaceutical Industries Ltd., Mayne Pharma Group Ltd., and Taro Pharmaceutical Industries Ltd. Bloomberg News said that the “antitrust investigation by the Justice Department, begun about two years ago, now spans more than a dozen companies and about two dozen drugs, according to people familiar with the matter. The 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, they said.” Following this news, Impax stock dropped $4.00, or 19.51%, to close at $16.50 on November 3, 2016.
No Class has yet been certified in the above action. To discuss this action, or for any questions, please visit the firm’s site: http://www.bgandg.com/ipxl or contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com . Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Impax, you have until January 9, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
