DOYLESTOWN, Pa., Feb. 12, 2004 (PRIMEZONE) -- Hoffman & Edelson, LLC announced today that a class action lawsuit was filed in the United States District Court for the District of New Jersey on behalf of all purchasers of the securities of Interpool, Inc. (Pink Sheets:IPLI) ("Interpool" or the "Company") between May 8, 2000 and March 6, 2003, inclusive (the "Class Period").
The Complaint alleges that defendants violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements concerning, among other things, its reported financial results. As a result of the Company's numerous accounting improprieties, Interpool had overstated its net income and its shareholders' equity during the Class Period. Accordingly, its reported financial results did not fairly present the results of its operations and were not prepared in accordance with GAAP. On March 6, 2003, defendants revealed that Interpool's financial statements were not prepared in accordance with GAAP, were not reliable and did not reflect the true financial condition of the Company. The Company was forced to restate reported and announced financial results for the first three quarters of 2002 as well as the full, audited years of 2000 and 2001.
If you purchased Interpool securities during the Class Period, and you wish to serve as lead plaintiff, you must move the Court no later than April 5, 2004. 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, you must meet certain legal requirements. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as lead plaintiff. You may retain Hoffman & Edelson, LLC, or other counsel of your choice, to serve as your counsel in this action.
If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, please contact Jerold B. Hoffman at Hoffman & Edelson, LLC, 45 W. Court Street, Doylestown, PA 18901 at 877-537-6532 (toll free), fax number 215-230-8735 or by e-mail at jhoffman@hofedlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca