HAYWARD, Calif.--(BUSINESS WIRE)--IMPAX Laboratories, Inc. (OTC:IPXL) (“IMPAX” or the “Company”) reported that on Friday December 29, 2006, the Securities and Exchange Commission (“SEC”) issued an order instituting an administrative proceeding to determine whether, in light of the Company’s failure to file reports since September 2004, the registration of its securities under Section 12 of the Securities Exchange Act of 1934 should be suspended or revoked. An Administrative Law Judge will consider the evidence in this matter and is ordered to issue an initial decision within 120 days. Also on December 29, 2006, the SEC suspended trading in IMPAX shares during the 10-business-day period from December 29, 2006 through January 16, 2007 because of the Company’s failure to file reports.
