NEW YORK, Sept. 24, 2003 (PRIMEZONE) -- Robert C. Susser, P.C. has filed a class action lawsuit on September 19, 2003 in the District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of IMPATH Inc. ("IMPATH" or the "Company") (Pink Sheets:IMPH) between February 24, 2000 and July 29, 2003, inclusive, (the "Class Period"). The lawsuit was filed against IMPATH and certain officers of the Company.
If you are a member of this class and wish to review a copy of the complaint and join this class action by requesting that the Court appoint you as a Lead Plaintiff, please e-mail us at ClassAction@mail.com and request a copy of the complaint and a plaintiff certification. Any member of the proposed class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, throughout the Class Period by issuing false and misleading statements concerning the Company's earnings, income and assets. Specifically, the complaint alleges that IMPATH overstated the value of certain assets during the Class Period while at the same time the Company failed to properly record its accounts receivables. As a result, the Company's reported financial results and its stock price were artificially inflated throughout the Class Period.
On July 30, 2003, IMPATH shocked investors when it announced it had initiated an internal investigation of company accounting practices following the discovery of possible accounting irregularities relating to the Company's accounts receivables and certain banking assets. The Company further announces it may restate its financial results for fiscal 2002 and prior periods and that several Company officials had resigned. Trading of IMPATH shares were halted. When trading resumed, the share price fell dramatically.
The plaintiff is represented by Robert C. Susser, P.C., a law firm with experience litigating securities class action lawsuits on behalf of investors.
If you bought IMPATH securities between February 24, 2000 and July 29, 2003, inclusive, and would like to obtain information about the lawsuit, please call (212) 808-0298. If you purchased significant amounts of IMPATH securities during this period, you may wish to consider making an application to the Court to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than September 29, 2003. If you would like to consider serving as Lead Plaintiff or have any questions about the lawsuit, please contact us at ClassAction@mail.com or Robert C. Susser at (212) 808-0298.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca