Stonepath Announces Class Action Lawsuit Dismissed; Derivative Class Action Appealed
November 01 2005 - 1:05PM
Business Wire
Stonepath Group (AMEX: STG), a global logistics services
organization, today announced the dismissal of the consolidated
class action complaint In re Stonepath Group, Inc. Securities
Litigation. The complaint alleged claims for securities fraud under
the Securities Exchange Act of 1934. It was filed earlier this year
in the United States District Court for the Eastern District of
Pennsylvania after the consolidation of eight separate actions that
were filed last fall shortly after Stonepath announced that it
would restate its financial statements for prior periods. The order
dismissing the complaint provides the plaintiff with the
opportunity to file an amended complaint. In other legal
developments, the plaintiff in Ronald Jeffrey Neer v. Dennis L.
Pelino, et al., a derivative lawsuit filed on October 12, 2004 in
the United States District Court in Philadelphia against certain of
the Company's present and former directors and officers, has filed
a notice of appeal with respect to the September 27, 2005 decision
of the Court dismissing that action for lack of subject matter
jurisdiction. About Stonepath Group (AMEX:STG) Stonepath
(www.stonepath.com) is a global, third-party logistics organization
providing a full range of transportation and distribution solutions
to multinational and local businesses including a diverse client
mix of retail leaders, automotive and technology concerns,
government agencies, and defense contractors. Through a strategic
acquisition strategy and strong organic growth, the Company has
expanded rapidly, establishing a network of owned operations
throughout the U.S., the Asia-Pacific region and Latin America. For
more information about the Company, please contact John Brine at
(212) 254-8280.
Stonepath (AMEX:STG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Stonepath (AMEX:STG)
Historical Stock Chart
From Jul 2023 to Jul 2024