SAN DIEGO, CA--(Marketwire - Apr 1, 2013) - The Shareholders Foundation, Inc. announces that an investor in shares of Impax Laboratories Inc (IPXL) filed a lawsuit against certain directors over alleged breaches of fiduciary duties.
If you purchased Impax Laboratories Inc (IPXL) shares in 2011 or earlier and currently hold any of those shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
Earlier in March investors also filed a lawsuit against Impax Laboratories over alleged securities laws violations.
Impax Laboratories received a warning letter from the U.S. Food and Drug Administration ("FDA"), dated May 31, 2011, related to an inspection of its Hayward, California facility, which cited problems in deviation from current Good Manufacturing Practices.
On March 04, 2013, Impax Laboratories, Inc announced that the U.S. Food and Drug Administration (FDA) completed its re-inspection of the Company's Hayward manufacturing facility in connection with the previously disclosed Form 483 issued in March 2012. Impax Laboratories Inc said that at the conclusion of this inspection, the FDA issued a new Form 483 with twelve observations, three of which are designated as repeat observations from inspections that occurred prior to the Warning Letter.
The plaintiff alleges that Impax Laboratories Inc allegedly withheld disappointing results about a new drug and a lab inspection and when the truth came out the stock price of Impax Laboratories Inc declined over 40%.
Indeed, Impax Laboratories' stock traded as high as $27.02 per share on October 2, 2012 and declined to as low as $14.53 per share on March 6, 2013.
Those who are current long-term investors in shares of Yum! Brands, Inc. (YUM) have certain options and should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.