IPXL Impax Laboratories, Inc. (delisted)

Shareholder Class Action Filed Against IMPAX Laboratories, Inc. by the Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa., Nov. 18 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all securities purchasers of IMPAX Laboratories, Inc. (NASDAQ:IPXL) ("IMPAX" or the "Company") from May 5, 2004 through November 3, 2004, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges IMPAX, Barry R. Edwards, Charles Hsiao, Larry Hsu, Cornel C. Spiegler, David S. Doll, and David J. Edwards with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company inappropriately recognized certain customer credits on bupropion products marketed by a strategic partner; (2) that as a result of this, the Company's financial results were materially inflated by $4.6 million; (3) that the Company's financial results were in violation of Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal controls; and (5) that as a result of the above, the Company's financial results were materially inflated at all relevant times. On November 3, 2004, IMPAX announced that the Company had postponed its release of 2004 third quarter financial results to Tuesday, November 9, 2004, in order to allow its independent auditors more time to complete their review of the Company's third quarter financial statements, including the timing of certain customer credits on bupropion products marketed by a strategic partner. Results were originally scheduled to be announced on Thursday, November 4, 2004. This news shocked the market. On November 4, 2004, shares of IMPAX fell $2.93 per share, or 22.54 percent, to close at $10.97 per share on usually high trading volume. On November 9, 2004, IMPAX announced that it had determined to restate its financial results for the first and second quarters of 2004. The restatement was required as the result of an adjustment due to recently reported customer credits granted by a strategic partner on sales of the Company's bupropion products made by a strategic partner during March 2004. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/ If you are a member of the class described above, you may, not later than January 11, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. Three Bala Plaza East, Suite 400 Bala Cynwyd, PA 19004 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Darren J. Check, Esq., Schiffrin & Barroway, +1-888-299-7706 or +1-610-667-7706, Web site: http://www.sbclasslaw.com/

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