I missed the following pr when it came out on June 27:
"Impax said it seeks to extend the deadline for its 2004 report mostly due to weaknesses in internal controls, problems that originally led to previously announced restatements of the first and second quarters of 2004.
The first-half restatements were caused by improperly recorded sales data from products sold through an agreement with Teva Pharmaceutical Industries Ltd. (TEVA), Impax said.
These sales-reporting problems with Teva as well as the earlier-announced restatements themselves are complicating the year-end auditing process, Impax said."
I'm not sure this adds much to what we already knew, but here it is for what it may be worth.
I suppose that one thing this says is that they found out that Cornell was incompetent when they had to restate the lst two quarters of 2004. They then fired him, but I suppose that the damage had already been done.
I just don't understand this. Have the accountants been working 40-50 hours a week for the last 6 months trying to straighten this out? How could Teva have reported their numbers on time but Impax can't? do these people come in to work every day crunching numbers and they STILL don't have this done? Do they take vacations while we wait? Do they need more people? Smarter people? When was the last time, if ever, that they really explained what's going on here? I have never in my life joined a class action lawsuit but I have a LOT of Impax stock, if a class action suit crossed my desk tomorrow I would seriously consider filing to become a lead plantiff. Their is NO logical explanation for this, assuming ignorance isn't a legal argument. They have now had OVER 6 months to get their shit together and nothing, not a peep. I am getting ready to dump almost 20,000 shares of this stock because either they are too incompetant to do their books properly or they are fighting to report things in a way that isn't flying with the auditors. I don't know what's going on but ive never seen anyone drag their feet so long trying to figure out how to report good news. How many public companies are their, 4000, 6000, 10,000? How many are this late, 10-20? I have lost all confidence in management. How the fu@* can they make a pill but they can't figure out their books?
I can't imagine that the SEC will let this go on much longer. It's July and the company last filed a quarterly report in November. Soon it will have been a year! IPXL(E) has had the appended "E" since April 7!
At some point, they will have to decide that in the interest of fairness to the thousands of companies that do report on time (and accurately) that IPXLE will be sent to the pink sheets until they can straighten out their filing mess.
If you've got 20,000 shares, that's a lot of money to have in a situation that could be cut in half overnight.