HAYWARD, Calif.--(BUSINESS WIRE)--IMPAX Laboratories, Inc. (OTC:IPXL) today announced that it continues to make progress towards filing its 2004 through 2007 delinquent financial reports with the Securities and Exchange Commission (SEC), but was not able to file these reports by April 30, as previously estimated. The Company and its auditors continue to expend significant resources to complete the audits of its prior years’ results. Activities accelerated in July 2007, when the Company received advice from the SEC’s Office of the Chief Accountant on its proposed new accounting treatment for transactions under its Strategic Alliance Agreement with an affiliate of Teva Pharmaceutical Industries, Ltd. Since January 1, 2008 alone the auditors collectively have expended more than 7,000 hours, which, when added to their hours from August through December 2007, results in an aggregate of nearly 10,000 audit hours. Company personnel also have expended an estimated 10,000 hours on the project since August.
