| Company: | Interpool, Inc. |
| Ticker Symbol: | Pink Sheets: IPLI |
| Class Period: | March 27, 2001 to December 29, 2003 |
| Court: | District, NJ |
| Date Filed: | Feb-03-04 |
| Lead Plaintiff Deadline: | Apr-03-04 |
| Allegations: |
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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
