HARTFORD, Conn., Nov. 12 2004 – LAWFUEL – Law, litigation, legal, attorney news — 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
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
[email protected] 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
e-mail: [email protected]