PHILADELPHIA, Feb. 3, 2004 (PRIMEZONE) -- Law Offices Bernard M. Gross, P.C. (http://www.bernardmgross.com) announces that a class action lawsuit, numbered 04cv 321, was commenced today in the United States District Court for the District of New Jersey, Trenton Division, against defendants Interpool, Inc. (Pink Sheets:IPLI) and Martin Tuchman (CEO and President), Raoul J. Witteveen (former COO and President) and Mitchell I. Gordon (CFO, Executive Vice President) on behalf of all persons who purchased the securities of Interpool, Inc. ("Interpool" or the "Company") between March 27, 2001 and December 29, 2003 (the "Class Period"), seeking remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). The case is presiding before the Honorable Stanley R. Chesler.
The Complaint alleges that defendants violated the Exchange Act by issuing material misrepresentations concerning its reported financial results between March 27, 2001 and December 29, 2003. The Company has seriously deficient or non-existent internal controls relating to the accounting for direct finance leases, the policies for complex transactions, communications of complex transactions, adequate staffing within the accounting department, accounting for income taxes, communication of information regarding related party transactions, security of information technology, accounting for inter-company eliminations, and record keeping by various internal departments. As result of the Company's numerous accounting improprieties, Interpool had overstated its net income during the Class Period as well as had overstated its shareholders' equity during the Class Period. Therefore, its reported financial results did not fairly present the results of its operations and were not prepared in accordance with GAAP. On December 29, 2003, Interpool announced an additional delay in the completion of its restated 2000 and 2001 and first three quarters of 2002 financial statements and 2002 financial statements. The additional delay was necessary to complete further analysis of the accounting for a pending claim by Interpool under its insurance policy covering leaded faults. Due to this delay, the Company stated that it did not know if it would meet certain covenants and waivers as well as the potential to have a greater reduction on Interpool's restated stockholders equity. Also on this date, the New York Stock Exchange announced that it would suspend trading in Interpool's common stock and commenced delisting proceedings. As a result of this announcement, Interpool common stock dropped from $19.26 adjusted close on December 26, to an adjusted close on December 29 of $12.00, a 37% drop.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross of Law Offices Bernard M. Gross at 866-561-3600(toll-free) or via e-mail at susang@bernardmgross.com. If you are a member of this class, you can view a copy of the complaint as filed at http://www.bernardmgross.com. Any member of the purported 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.
If you bought the common stock of Interpool between March 27, 2001 and December 29, 2003 and sustained damages, you may, no later than sixty days from today, file a motion to be appointed lead plaintiff, if you so choose. Law Offices Bernard M. Gross, P.C. which has significant experience and expertise in prosecuting class actions and has recently filed cases in the following:
Lead Plaintiff
Company Symbol Class Period Filing Deadline
Ibis Tech. Nasdaq:IBIS 10/02/03-12/12/03 03/05/2004
Corp.
Biopure Nasdaq:BPUR 3/17/03-12/24/03 03/01/2004
Corp.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.