The law firm of Milberg Weiss Bershad & Schulman LLP announces that a class action lawsuit was filed on November 30, 2004 on behalf of purchasers of the securities of IMPAX Laboratories, Inc. ("IMPAX" or the "Company") (Nasdaq: IPXL) between May 5, 2004 and November 3, 2004 inclusive (the "Class Period") seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss's website at: http://www.milbergweiss.com.

The action is pending in the United States District Court for the Northern District of California against defendants IMPAX, Barry R. Edwards, Charles Hsiao, Larry Hsu, and Cornel C. Spiegler, David S. Doll and David J. Edwards.

The complaint alleges that IMPAX is a pharmaceutical company focused on the development and commercialization of generic and brand name products and that IMPAX overstated reported earnings and revenue during the first two quarters of 2004. The Class Period ends on November 3, 2004, when the Company announced that it was postponing release of its third-quarter financial results. On this news, the Company's share price fell 23% to $10.07 on relatively high trading volume of 4.2 million shares. On November 9, 2004, the Company announced that it was restating its reported revenues and earnings for the first and second quarters of 2004. During the Class Period, insiders sold their personally held IMPAX shares for proceeds in excess of $32 million.

If you bought the securities of IMPAX between May 5, 2004 and November 3, 2004, and sustained damages, you may, no later than January 11, 2005, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad & Schulman LLP, or other counsel of your choice, to serve as your counsel in this action.

Milberg Weiss Bershad & Schulman LLP (http://www.milbergweiss.com) is a firm with over 100 lawyers with offices in New York City, Los Angeles, Boca Raton, Delaware, Seattle and Washington, D.C. and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others for nearly 40 years. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:

Steven G. Schulman
Peter E. Seidman
Andrei V. Rado
One Pennsylvania Plaza, 49th fl.
New York, NY, 10119-0165
Phone number: (800) 320-5081
Email: sfeerick@milbergweiss.com
Website: http://www.milbergweiss.com