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Case ID: 3996 | Stocks | 11/30/2004
A class action has been filed against Impax Laboratories, Inc. (Nasdaq:IPXL) and certain of its officers and directors by stockholders who purchased the company’s common stock between May 5, 2004 and November 3, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company’s securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The complaint charges IMPAX, Barry R. Edwards, Charles Hsiao, Larry Hsu, Cornel C. Spiegler, David S. Doll, and David J. Edwards with violations of the Securities Exchange Act. More specifically, the complaint alleges that Impax and the other defendants failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company inappropriately recognized certain customer credits on bupropion products marketed by a strategic partner; (2) that as a result of this, the Company's financial results were materially inflated by $4.6 million; (4) that the Company lacked adequate internal controls; and (5) that as a result of the above, the Company's financial results were materially inflated at all relevant times. On November 3, 2004, IMPAX announced that the Company had 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. Results were originally scheduled to be announced on Thursday, November 4, 2004. This news shocked the market. On November 4, 2004, shares of IMPAX fell $2.93 per share, or 22.54 percent, to close at $10.97 per share on usually high trading volume. On November 9, 2004, IMPAX announced that it had determined to restate its financial results for the first and second quarters of 2004. The restatement was required as the result of an adjustment due to recently reported customer credits granted by a strategic partner on sales of the Company's bupropion products made by a strategic partner during March 2004.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against The Goodyear Tire & Rubber Company (NYSE: GT) and certain of its officers and directors by stockholders who purchased the company's common stock between March 26, 1999, and October 22, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against Possis Medical, Inc. (NasdaqNM:POSS), certain of its officers and directors by stockholders who purchased the company's common stock between September 24, 2002 and August 24, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against WatchGuard Technologies, Inc. (NasdaqNM:WGRD), certain of its officers and directors by stockholders who purchased the company's common stock between February 12, 2004 and March 15, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against online pharmacy drugstore.com, Inc., (Nasdaq:DSCM) and certain of its officers and directors by stockholders who purchased the company's common stock between January 20, 2004, and June 10, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against Axonyx Inc. (NasdaqSC:AXYX), and certain of its officers and directors by stockholders who purchased the company's common stock between June 26th, 2003 and February 4th, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Axonyx Inc. is engaged in the business of acquiring and developing novel post-discovery central nervous system drug candidates, primarily in areas of memory and cognition. A class action has been filed against Fairfax Financial Holdings, Ltd. (FFH), certain of its officers and directors by stockholders who purchased the company's common stock between March 24, 2004 and March 21, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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