NEW YORK, July 31, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of IMPATH, Inc. ("IMPATH" or the "Company") (Nasdaq:IMPH) securities between February 24, 2002 and July 29, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning IMPATH's financial results and business prospects. Specifically, the complaint alleges that IMPATH failed to disclose the following adverse facts, among others: (a) that the Company was failing to timely record an impairment in the value of its accounts receivables and that as a result, the Company's reported financial results were artificially inflated throughout the Class Period; (b) that the Company was failing to properly account for its GeneBank(TM) asset, thereby overstating its reported financial results; and (c) as a result of the foregoing, the Company's financial statements published during the Class Period were not prepared in accordance with Generally Accepted Accounting Principles and were therefore materially false and misleading.
On July 30, 2003, IMPATH shocked the market when it issued a press release announcing that it had initiated an investigation into possible accounting irregularities involving accounts receivables which the Company believes have been materially overstated and will likely require restatement. Following this announcement, shares of IMPATH common stock were halted from trading.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired IMPATH securities between February 24, 2002 and July 29, 2003, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased IMPATH securities during the Class Period, you may, not later than September 29, 2003, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
DAVID H. LEVENTHAL, ESQ. ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: dleventhal@faruqilaw.com or Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca