NEW YORK, August 22, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, case number 03 Civ. 6418, on behalf of all persons or entities who purchased or otherwise acquired IMPATH, Inc. ("IMPATH" or the "Company") securities (Nasdaq:IMPHE) during the period between February 21, 2001 and July 29, 2003, both dates inclusive (the "Class Period"). The Complaint names IMPATH, Anu D. Saad, Richard Adelson, David J. Cammarata, James V. Agnello, and Carter H. Eckert as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Gregory Linkh at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. In particular, the Complaint alleges that defendants failed to disclose and/or misrepresented the following adverse facts, among others: (a) that as a result of accounting irregularities the Company's accounts receivable was materially overstated resulting in the material overstatement of its reported financial statements; (b) that the Company failed to properly account for its GeneBank (TM) asset resulting in the material overstatement of its reported financial statements; and (c) that the Company's reported financial statements during the Class Period were not prepared in accordance with Generally Accepted Accounting Principles as represented and were therefore materially false and misleading.
On July 30, 2003, IMPATH shocked the market when it announced 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. As a result, Nasdaq halted trading of IMPATH common stock.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired IMPATH common stock during the Class Period described above, you may, no later than September 29, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Gregory Linkh of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca