BALA CYNWYD, Pa., Aug. 4, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Impath, Inc. ("Impath" or the "Company") (Nasdaq:IMPH), between February 21, 2001 and July 29, 2003 inclusive (the "Class Period"). The class action lawsuit was filed against the Company and certain of its officers and directors in the United States District Court for the Southern District of New York.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Impath securities. Specifically, the Company's financial statements published during the Class Period were not prepared in accordance with Generally Accepted Accounting Principles. On July 30, 2003, the Company issued a press release announcing that an investigation had been initiated into possible accounting irregularities involving accounts receivables which Impath believes have been materially overstated and will likely require restatement. As a result, shares of Impath were halted from trading.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Impath stock between February 21, 2001 and July 29, 2003, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.