Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Impax Laboratories Inc. (IPXL)

NEW YORK, Nov. 11, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Impax Laboratories Inc. (“Impax” or the “Company”) (Nasdaq:IPXL) in the United States District Court for the District of New Jersey on behalf of purchasers of common stock of Impax between February 20, 2014 and November 2, 2016 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934.

According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Impax and several of its pharmaceutical industry peers colluded to fix generic drug prices; (ii) the foregoing conduct constituted a violation of U.S. antitrust laws; (iii) consequently, Impax’s revenues during the Class Period were in part the result of illegal conduct; and (iv) as a result of the foregoing, Impax’s public statements were materially false and misleading at all relevant times. On November 3, 2016, media outlets reported that U.S. prosecutors might file criminal charges by the end of 2016 against Impax and several other pharmaceutical companies for unlawfully colluding to fix generic drug prices.

On this news, the Company’s share price dropped $4.00, or 19.51%, to close at $16.50 on November 3, 2016.

If you wish to serve as lead plaintiff, you must move the Court no later than January 9, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the firm.