Impax Laboratories Inc. ("Impax") is an American company that makes specialty generic pharmaceuticals, specifically controlled-release versions of various generic versions of branded and niche pharmaceuticals.

According to the law firm press release, the lawsuit alleges that Defendants throughout the Class Period 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 U.S. Department of Justice (“DOJ”) and the Connecticut Attorney General to conduct extensive investigations of possible collusion of generic drug pricing; (2) 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; (3) Impax lacked effective internal controls over financial reporting; and (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

This case was voluntarily dismissed by Plaintiff on February 21, 2017. A related case continues under Docket 16-CV-06557 in the Northern District of California.

On February 15, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on April 17. Defendants filed a Motion to Dismiss the amended Complaint on June 1. On September 7, 2018, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff was given leave to file an amended Complaint.

On October 26, 2018, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the amended Complaint on December 6. On August 12, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. On September 5, Lead Plaintiff filed a Notice appealing the Court's Dismissal Order.

The Court of Appeals affirmed in part, reversed in part, and remanded the case to the District Court for further proceedings on January 11, 2021.

On June 28, 2021, the parties notified the Court that they had reached a Settlement in Principle. The parties entered into a Stipulation of Settlement on July 30. On November 22, the Court granted preliminary approval of the Settlement. On July 15, 2022, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses. The Court entered final judgment on July 21.