Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Impax Laboratories, Inc.
Oklahoma City, OK (November 14, 2016) – On November 10, 2016, a securities class action lawsuit was filed in the United States District Court for the District of New Jersey against Impax Laboratories, Inc. (NASDAQ: IPXL). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 24, 2014 through November 3, 2016. More specifically, this litigation was filed because the Company 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, Bloomberg published an article which discussed the DOJ's investigation about suspected price collusion by several pharmaceutical companies, including Impax. The article stated that "it's against the law for competitors to agree to set prices or coordinate on discounts, production quotas or fees that affect prices" and that charges could extend to high-level Impax executives. On this news, the Company’s stock fell $4.00 per share, to close at $16.50 per share on November 3, 2016.
Plaintiff seeks to recover damages on behalf of all Impax Laboratories, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, January 9, 2017 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Mon, November 14, 2016
by Robin Hester filed under