NEW YORK, Aug. 4, 2003 (PRIMEZONE) -- Abbey Gardy, LLP commenced a Class Action lawsuit in the United States District Court for the Southern District of New York (03 CV 5670) on behalf of a class (the "Class") of all persons who purchased securities of IMPATH, Inc. ("IMPATH" or the "Company") (Nasdaq:IMPH) between February 24, 2000 and July 29, 2003 inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of IMPATH securities. A copy of the Complaint is available from the Court or Abbey Gardy, LLP. Please connect us at 1-(800) 889-3701 or by e-mail at nkaboolian@abbeygardy.com
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.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired IMPATH securities during the Class Period. If you purchased or otherwise acquired IMPATH securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased IMPATH securities during the Class Period, you may, no later than September 29, 2003 request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may Nancy Kaboolian Esq. of Abbey Gardy, LLP at (212) 889-3700 or 800-889-3701. Or e-mail her at nkaboolian@abbeygardy.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca