IMPAX Laboratories, Inc. ("IMPAX" or the Company) is a specialty pharmaceutical company engaged in the development, manufacture and marketing of bio-equivalent pharmaceutical products, or generics, in addition to the development of branded products.

According to the Press Release dated November 12, 2004, the Complaint alleges that during the Class Period, Defendants caused IMPAX shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, Defendants were able to engage in an insider trading scheme for proceeds of more than $32 million. On November 3, 2004, the Company issued a press release announcing 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, the Company’s shares plummeted from $13 to $10.07, a one day decline of 23% on volume of 4.6 million shares. Then, on November 9, 2004, IMPAX announced that its 2004 results would be restated.

On March 21, 2005, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated Complaint on June 7. Defendants filed a Motion to Dismiss the consolidated Complaint on July 27. On March 1, 2006, the First Amended Complaint was dismissed without prejudice with leave to amend.

On September 9, 2005, Lead Plaintiff filed an amended consolidated Complaint. Defendants filed a Motion to Dismiss the amended consolidated Complaint on July 14, 2006. On January 3, 2007, the Court granted the Defendants' motion to dismiss the Second Amended Consolidated Complaint with leave to amend.

On February 5, 2007, Plaintiffs filed a third amended consolidated Complaint. Defendants filed a Motion to Dismiss the third amended consolidated Complaint on March 30. On July 18, the Court denied the Defendants’ motion to dismiss.

On April 17, 2008, the Court issued an Order replacing Lead Plaintiff and Counsel.

On May 16, 2008, Lead Plaintiff filed a fourth amended consolidated Complaint. On June 02, Defendants filed a motion to dismiss the fourth amended consolidated Complaint. On July 7, the Court issued an Order denying Defendants' Motion to Dismiss.

The parties entered into a Stipulation of Settlement on January 28, 2009. The Court granted preliminary approval of the Settlement on February 18. On May 12, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.