It's possible there may be a small/early correction in the recent run up purely due to the confusion but I expect the overall effect to be nil. I don't see anything here that reflects badly on Impax or changes its fundamentals in any way. Someone in the media made a mistake and it went into the echo chamber. This is a well positioned company with good prospects and the chart shows this stock as having been under accumulation for months -- long before this particular media foot-in-mouth. That said, it does have risks and you should make sure you understand these risks as well as the upside potential. Their recent JP Morgan presentation would be a good starting point for getting management's story on its company.
I didn't put my money into IPXL because I thought that they have a generic of Lipitol. I invested in them because they are good at what they do and their pipeline looks promising. In addition, the evaluation is dirt cheap.
Let's see, The street.com (aka KRAMER) reported that story on January 13th and I'm wondering if the other author on Seeking Alpha.com just relied on Kramer's site in reporting the same or similar info in her story. At least the Company is setting the record straight. I cannot imagine that intelligent investors who pour over every filing by the Company thought otherwise about having a generic of Lipitor in the pipeline or had filed an application for the generic. Bottom line is rely on reliable sources.