Robbins Umeda LLP Announces an Investigation of Impax Laboratories, Inc.
July 06 2011 - 7:59PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, has
commenced an investigation into possible breaches of fiduciary duty
and other violations of the law by certain officers and directors
at Impax Laboratories, Inc. (NASDAQ: IPXL). Impax Laboratories
develops, manufactures, and markets bioequivalent pharmaceutical
products. The company's two divisions, Impax Pharmaceuticals and
Global Pharmaceuticals, provide generic and proprietary brand
products to wholesale and drug retail chains. The company was
founded in 1933, and is headquartered in Hayward, California.
If you own stock in Impax Laboratories and would like more
information about your shareholder rights, please contact attorney
Gregory E. Del Gaizo at 800-350-6003 or via the shareholder
information form on our website.
Robbins Umeda LLP is investigating whether officers and
directors of Impax Laboratories breached their fiduciary duties to
shareholders by permitting insufficient controls and improper
procedures at one of the company's main pharmaceutical
manufacturing facilities. On May 31, 2011, the Food and Drug
Administration ("FDA") sent the company a warning letter,
documenting "significant violations of Current Good Manufacturing
Practice." The letter came after the agency toured the company's
Hayward manufacturing facility on January 11, 2011, and observed
deviations related to sampling and testing of in-process materials
and drug products, production record review, and the company's
process for probing the failure of some manufacturing batches to
meet specifications.
After the public learned about the FDA warning letter, the
company's stock price fell 10%. Additionally, several market
analysts have voiced concerns over Impax Laboratories' ability to
meet quarterly revenue numbers given the on-going production
problems at the company's pharmaceutical manufacturing
facility.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits.
Robbins Umeda LLP has helped its clients realize more than $1
billion of value for themselves and the companies in which they
have invested. The law firm's skilled litigation teams include
former federal prosecutors, former defense counsel from top
multinational corporate law firms, and career shareholder rights
attorneys. For more information, please go to
http://www.robbinsumeda.com
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/impax-laboratories-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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