Stonepath Granted Motion to Dismiss in Class Action Lawsuit
April 04 2006 - 5:00PM
PR Newswire (US)
SEATTLE, April 4 /PRNewswire-FirstCall/ -- Stonepath Group
(AMEX:STG), a global logistics services organization, today
announced that the United States District Court for the Eastern
District of Pennsylvania has granted Stonepath's motion to dismiss
the second consolidated amended class action complaint with regard
to In re Stonepath Group, Inc. Securities Litigation. The order
granting the motion to dismiss does not provide the plaintiff with
the opportunity to file an amended complaint and enters judgment in
favor of the defendants. If the plaintiffs choose to proceed, they
could appeal the district court's ruling to the United States Court
of Appeal for the Third Circuit. "We have believed from the
beginning that this case had no foundation and we are extremely
pleased with the court's ruling," stated Dennis L. Pelino, Chairman
of Stonepath. 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 strategic
acquisitions 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. DATASOURCE:
Stonepath Group CONTACT: John Brine of Stonepath Group,
+1-212-254-8280 Web site: http://www.stonepath.com/
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