Wolf Haldenstein Adler Freeman and Herz LLP Commences Class Action Lawsuit on Behalf of Stonepath, Inc. Shareholders
October 06 2004 - 12:36PM
PR Newswire (US)
Wolf Haldenstein Adler Freeman and Herz LLP Commences Class Action
Lawsuit on Behalf of Stonepath, Inc. Shareholders NEW YORK, Oct. 6
/PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP filed
a class action lawsuit in the United States District Court for the
Eastern District of Pennsylvania, on behalf of all persons who
purchased the securities of Stonepath, Inc. ("Stonepath" or the
"Company") (AMEX:STG) between May 7, 2003 and September 20, 2004,
inclusive, (the "Class Period") against defendants Stonepath and
certain officers and directors of the Company. A copy of the
complaint filed in this action is available from the Court, or can
be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP
website at http://www.whafh.com/. The complaint alleges that
defendants violated the federal securities laws by issuing
materially false and misleading statements throughout the Class
Period that had the effect of artificially inflating the market
price of the Company's securities. The complaint further alleges
that the Company failed to disclose and misrepresented that it had
understated its accrued purchased transportation liability and
related costs of purchased transportation rendering the Company's
financial statements materially false and misleading because they
understated the Company's liabilities and expenses, and overstated
the Company's net income and earning before income, taxes,
depreciation, and amortization ("EBITDA"). As a result of the
above, the Company's reported financial results were in violation
of GAAP. On September 20, 2004, the Company announced its intention
to restate its fiscal year 2003 and first and second quarter 2004
financial statements. As a result of this news, the price of
Stonepath stock dropped 46% from September 19, 2004, and closed at
$0.86 per share on heavy trading volume. If you purchased Stonepath
securities during the Class Period, you may request that the Court
appoint you as lead plaintiff by November 23, 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, 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 plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. You may retain Wolf Haldenstein, or other counsel of
your choice, to serve as your counsel in this action. Wolf
Haldenstein has extensive experience in the prosecution of
securities class actions and derivative litigation in state and
federal trial and appellate courts across the country. The firm has
approximately 60 attorneys in various practice areas; and offices
in Chicago, New York City, San Diego, and West Palm Beach. The
reputation and expertise of this firm in shareholder and other
class litigation has been repeatedly recognized by the courts,
which have appointed it to major positions in complex securities
multi-district and consolidated litigation. If you wish to discuss
this action or have any questions, please contact Wolf Haldenstein
Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith,
Esq., Gustavo Bruckner, Esq., or Derek Behnke), via e-mail at or
visit our website at http://www.whafh.com/. All e-mail
correspondence should make reference to Stonepath. DATASOURCE: Wolf
Haldenstein Adler Freeman & Herz LLP CONTACT: Fred Taylor
Isquith, Esq., Gustavo Bruckner, Esq., or Derek Behnke, all of Wolf
Haldenstein Adler Freeman & Herz LLP, 1-800-575-0735 Web site:
http://www.whafh.com/
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