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Impax Laboratories Inc (NASDAQ: IPXL) Investor Securities Class Action Lawsuit 11/11/2016

  • If you purchased shares of Impax Laboratories Inc (NASDAQ: IPXL), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Impax Laboratories Inc
Security
NASDAQ: IPXL

Case Name
Impax Laboratories Shareholder Class Action Lawsuit 11/11/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 5, 2019 - The case was dismissed.

August 12, 2019 - The court granted the defendants' motion to dismiss.

December 6, 2018 - A motion to dismiss the second amended complaint was filed.

October 26, 2018 - A second amended complaint was filed.

September 7, 2018 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

June 1, 2017 - A motion to dismiss the amended complaint was filed.

April 17, 2017 - An amended complaint was filed.

November 11, 2016 - An investor in shares of Impax Laboratories Inc (NASDAQ: IPXL) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Impax Laboratories Inc in connection with certain allegedly false and misleading statements made between February 20, 2014 and November 2, 2016.

Impax Laboratories Inc, a specialty pharmaceutical company, a strategic alliance agreement with Teva Pharmaceuticals Curacao N.V. to develop, manufacture, and distribute controlled release generic pharmaceutical products.

According to the complaint the plaintiff alleges on behalf of purchasers of Impax Laboratories Inc (NASDAQ: IPXL) common shares between February 20, 2014 and November 2, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 20, 2014 and November 2, 2016 the defendants made false and/or misleading statements and/or failed to disclose that Impax Laboratories Inc and several of its pharmaceutical industry peers colluded to fix generic drug prices, that the foregoing conduct constituted a violation of U.S. antitrust laws, that consequently, Impax Laboratories Inc’s revenues during the Class Period were in part the result of illegal conduct, and that as a result of the foregoing, Impax Laboratories Inc’s public statements were materially false and misleading at all relevant times.

Impax Laboratories Inc reported that its annual Total Revenue rose from $596.05 million in 2014 to $860.47 million in 2015 and that its Net Income declined from $57.35 million in 2014 to $39.00 million in 2015.

On November 3, 2016, media outlets reported that United States prosecutors may file criminal charges by the end of 2016 against Impax Laboratories Inc and several other pharmaceutical companies for unlawfully colluding to fix generic drug prices.

Shares of Impax Laboratories Inc (NASDAQ: IPXL) declined from as high as $50.42 per share in July 2015 to as low as $16.40 per share on November 3, 2016.