| Company: | Stonepath Group, Inc. |
| Ticker Symbol: | AMEX:STG |
| Class Period: | May 7, 2003 to September 20, 2004 |
| Date Filed: | Sep-27-04 |
| Lead Plaintiff Deadline: | Nov-23-04 |
| Court: | Eastern District, PA |
| Allegations: |
A lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania, on behalf of persons who purchased or otherwise acquired publicly traded securities of Stonepath Group, Inc. ("Stonepath" or the "Company") (AMEX:STG) between May 7, 2003 and September 20, 2004, inclusive, (the "Class Period"). The lawsuit was filed against Stonepath and Dennis L. Pelino, Bohn H. Crain and Thomas L. Scully ("Defendants").
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically the complaint alleges that the Company failed to disclose and misrepresented that it had understated its accrued purchased transportation liability and related costs of purchased transportation. As a result of the understatement, the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP").
On September 20, 2004, the Company reported that it was going to restate its fiscal year 2003 and the first two fiscal quarters of 2004. As a result of this restatement, Stonepath shares fell 46%, to trade at $0.86 per share on very heavy volume.
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 Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically the complaint alleges that the Company failed to disclose and misrepresented that it had understated its accrued purchased transportation liability and related costs of purchased transportation. As a result of the understatement, the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP").
On September 20, 2004, the Company reported that it was going to restate its fiscal year 2003 and the first two fiscal quarters of 2004. As a result of this restatement, Stonepath shares fell 46%, to trade at $0.86 per share on very heavy volume.
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.
