NEW YORK, Aug. 6, 2003 (PRIMEZONE) -- Wolf Popper LLP has filed a securities fraud class action complaint against Impath, Inc. (Nasdaq:IMPH), and certain of its senior officers, on behalf of purchasers of Impath common stock between April 25, 2001 and July 30, 2003, inclusive (the "Class Period"). A copy of the Complaint is available from the U.S. District Court for the Southern District of New York (Docket No. 03 CV. 5860) and from Wolf Popper LLP's website.
The complaint alleges, among other things, that during the Class Period, defendants consistently made materially false and misleading statements regarding the financial condition of Impath. Specifically, Impath's accounts receivable were grossly overstated as a result of defendants' improper recognition and reporting of revenue, creating the illusion that Impath was experiencing immense financial growth. In reliance on defendants' misrepresentations, Impath shares traded as high as $73.675 per share during the Class Period. However, on July 30, 2003, Impath announced that it would be forced to restate its financial results from prior periods and prior years to correct its previous overstatements of revenue. Trading in Impath's shares was halted at $18.09 per share and will remain suspended until Impath has satisfied Nasdaq's request for additional information.
Any member of the proposed class who desires to be appointed lead plaintiff in this action must file a motion with the Court no later than September 29, 2003. Questions or information regarding investors' rights in the class action, including the right to be designated a lead plaintiff, should be addressed to:
Wolf Popper LLP, Caroline S. Curtiss, Esq.,
or Sheila Feerick, Investor Relations,
845 Third Avenue, New York, NY 10022-6689
Tel.: 212.759.4600, Toll Free: 877.370.7703;
Fax: 212.486.2093, Toll Free: 877.370.7704
Email: irrep@wolfpopper.com; website: www.wolfpopper.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca