Impath

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Impath Inc., a New York based corporation, was a provider of cancer related laboratory services. Impath filed for bankruptcy protection in September 2003.[1]

Beginning in the late 1990s and until 2003, its business withered away, but its executives continued to talk up their stock and the profitability of their impending anti-cancer breakthroughs.

In May 2004, Genzyme acquired several of Impath's laboratories and cancer-testing technologies.[2][3]

In September 2005 the United States Securities and Exchange Commission took action against former CEO Anuradha Saad and her colleagues, alleging fraudulent accounting.[1] The same month Saad pleaded guilty to two counts of soliciting proxies containing false statements.[1] It was also alleged that Saad improperly charged $120,000 in personal expenses to Impath.[1] On Tuesday, May 30, 2006, the former president and chief operating officer of Impath, Richard P. Adelson, received a sentence from district court judge Jed S. Rakoff.[1]

References[edit]

  1. ^ a b c d e Greg Levine (January 18, 2006). "Impath Ex-CEO Jailed On Art, Furniture Expenses". Forbes. Retrieved 2011-04-13. 
  2. ^ Milford Daily News. 05-04-2004 http://www.milforddailynews.com/business/x1528515155 |url= missing title (help). Retrieved 2011-12-15. 
  3. ^ "Genzyme Timeline". Retrieved 2011-12-15.