||Impax Laboratories, Inc.
||United States District Court for the Northern District of California
||The Hon. Haywood Stirling Gilliam Jr.
||Between February 20, 2014 and November 2, 2016
On November 11, 2016, the initial complaint in this securities class action was filed against Impax Laboratories, Inc. (“Impax” or the “Company”), and certain of Impax’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. Lead Plaintiff alleges defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, 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.
Current Status of Case:
The Court granted defendant’s motion to dismiss on August 12, 2019. Lead Plaintiff filed an appeal with the Ninth Circuit on September 5, 2019. This action is still ongoing.
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