Impax investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Impax is a specialty pharmaceutical company that develops, manufactures, and markets bioequivalent pharmaceutical products. It operates in two segments, Impax Generics and Impax Specialty Pharma.
The Class Period commences on February 25, 2014, when Impax filed a Form 10-K for the fiscal year ended December 31, 2013 with the SEC, which provided the company’s year-end financial results.
According to the complaint, on November 3, 2016, Bloomberg published the article “U.S. Charges in Generic-Drug Probe to Be Filed by Year End” which discussed the U.S. Department of Justice’s (“DOJ”) two year investigation about suspected price collusion by several pharmaceutical companies, including Impax, which will likely result in prosecutors filing criminal charges by the end of the year, as well as the Connecticut Attorney General’s (“CT Attorney General”) investigation.
Following this news, shares of Impax fell $4.00 per share, or over 19.5%, from its previous closing price to close at $16.50 per share on November 3, 2016.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Impax was engaging and/or had engaged in conduct that would cause the antitrust division of the DOJ and the CT Attorney General to conduct extensive investigations of possible collusion of generic drug pricing; (2) Impax received two subpoenas – one from the DOJ and another from the CT Attorney General – which sought documents relating to violations of the federal and state antitrust laws; (3) the DOJ investigation and the underlying conduct was likely to result in criminal charges against Impax, and possibly its officers and directors, for collusion of generic drug pricing; (4) Impax lacked effective internal controls over financial reporting; and (5) as a result, the defendants’ public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than January 9, 2017 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. 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 Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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