NEW YORK, August 11, 2003 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been 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 during the period from February 21, 2001 through July 29, 2003, inclusive (the "Class Period").
Please visit our website, which offers summary and detailed information concerning the suit at http://www.kmslaw.com/new_cases/IMPATH/IMPATH.htm or contact us by phone at (888) 529-4787 or by email at emui@kmslaw.com for more information.
The action charges IMPATH and certain of its senior officers with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The alleged violations stem from the dissemination of false and misleading statements, which had the effect - during the Class Period - of artificially inflating the price of IMPATH's shares.
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 receivable 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.
If you are a member of the class described above, you may, no later than September 29, 2003, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact:
Pamela Kulsrud, Esq. Elaine Mui KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: emui@kmslaw.com