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Case Status:    DISMISSED    
On or around 01/26/2005 (Other)

Filing Date: September 08, 2004

By the Order entered on January 26, 2005, U.S. District Judge Vaughn R Walker dismissed the case in accordance with the Notice of Voluntary Dismissal pursuant to Fed. R. Civ. P. 41(a)(1) filed earlier by the plaintiff on January 24, 2005. The case is closed.

The complaint charges IMPAC and certain of its officers and directors with violations of the Securities Exchange Act of 1934. IMPAC provides information technology systems for cancer care. Specifically, the complaint alleges that during the Class Period, defendants caused IMPAC's shares to trade at artificially inflated levels through the issuance of false and misleading statements about demand for and order bookings and false financial statements. As a result of this inflation, IMPAC was able to complete two public offerings of 4.5 million shares, raising total proceeds of $77.9 million. On March 1, 2004, the Company announced that it intended to restate its financial statements for fiscal years 2003-2003. Then, on May 13, 2004, IMPAC announced disappointing second quarter of fiscal year 2004 results, and reduced its outlook for fiscal 2004. On this news, IMPAC's stock collapsed to $14.62 per share, compared to the prior day's close of $24.85. Later, on June 4, 2004, the Company filed an 8-K with the SEC which stated that the Company had dismissed PricewaterhouseCoopers LLP as the Company's registered public accounting firm and, on August 17, 2004, IMPAC announced the resignation of the Company's independent auditor, Deloitte & Touche LLP 'due to a disagreement with management concerning its application of Statement of Position (SOP) 97-2, 'Software Revenue Recognition,' with respect to the timing of its recognition of certain revenues in its restated financial statements for the fiscal years ended September 30, 2001 through 2003 filed in April 2004.' The Company's stock has dropped even farther to the $12 per share range.

NOTE: IMPAC Medical Systems, Inc. provides information technology (IT) systems for cancer care. The Company's products provide electronic medical record, imaging, decision support, scheduling and billing applications in an integrated platform to manage the information-related complexities of cancer care, from detection and diagnosis through treatment and follow-up.


Sector: Technology
Industry: Software & Programming
Headquarters: United States


Ticker Symbol: IMPCE
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 04-CV-3773
JUDGE: Hon. Vaughn R Walker
DATE FILED: 09/08/2004
CLASS PERIOD END: 05/13/2004
  1. Law Offices of Charles J. Piven, P.A.
  2. Lerach Coughlin Stoia Geller Rudman & Robbin (San Francisco)
  3. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Philadelphia)
  4. Schatz & Nobel, P.C.
  5. Schiffrin & Barroway LLP
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
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