Schatz & Nobel, P.C. Announces Class Action Lawsuit Against IMPAX Laboratories, Inc.
November 12 2004 - 6:07PM
PR Newswire (US)
Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
IMPAX Laboratories, Inc. HARTFORD, Conn., Nov. 12 /PRNewswire/ --
The law firm of Schatz & Nobel, P.C., which has significant
experience representing investors in prosecuting claims of
securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for the
Northern District of California on behalf of all persons who
purchased the securities of IMPAX Laboratories, Inc. (NasdaqNM:
IPXL) ("IMPAX") between May 5, 2004 and November 3, 2004. (the
"Class Period"), including all purchasers in the October 1, 2004
debt offering. The Complaint alleges that during the Class Period,
IMPAX violated federal securities laws by issuing materially false
or misleading public statements. On November 3, 2004, IMPAX
announced that the "Company has 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." On this news, IMPAX shares fell from a
close of $13.00 per share on November 3, 2004, to close at $10.07
on November 4, 2004. On November 9, 2004, IMPAX announced that its
2004 results would be restated. If you are a member of the class,
you may, no later than January 11, 2005, request that the Court
appoint you as lead plaintiff of the class. A lead plaintiff is a
class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any
recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class
members, including decisions concerning settlement. The securities
laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s). For more information about the case, its claims, and
your rights, please contact Schatz & Nobel toll-free at (800)
797-5499, or by e-mail at . To view a copy of the lawsuit
initiating the class action, or for more information about class
action cases and Schatz & Nobel, please visit our website:
http://www.snlaw.net/. CONTACT: Wayne T. Boulton Tel.: (800)
797-5499 Website: http://www.snlaw.net/ e-mail: DATASOURCE: Schatz
& Nobel, P.C. CONTACT: Wayne T. Boulton of Schatz & Nobel,
+1-800-797-5499, Web site: http://www.snlaw.net/
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