Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, April 30, 2007

ALJ Revokes Registration of Impax Labs Stock

An administrative law judge has issued  an  Initial  Decision  in  the matter  of  Cosmetic  Center, Inc.,  et  al.   finding   that   Impax Laboratories, Inc. (Impax) has violated Section 13 of the Securities Exchange Act of 1934 and Exchange Act Rules by repeatedly  failing  to file required periodic reports. The administrative law judge  rejected Impax's arguments that unique circumstances prevented it  from  filing the required reports and that sufficient information was available  to the public. The Initial  Decision  finds  that  it  is  necessary  and appropriate for the protection of investors to revoke the registration of each class of Impax's registered securities. (Initial Decision  No. 329; File No. 3-12519)

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