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]