SEATTLE, April 4 /PRNewswire-FirstCall/ -- Stonepath Group (AMEX:STG), a global logistics services organization, today announced that the United States District Court for the Eastern District of Pennsylvania has granted Stonepath's motion to dismiss the second consolidated amended class action complaint with regard to In re Stonepath Group, Inc. Securities Litigation. The order granting the motion to dismiss does not provide the plaintiff with the opportunity to file an amended complaint and enters judgment in favor of the defendants.
If the plaintiffs choose to proceed, they could appeal the district court's ruling to the United States Court of Appeal for the Third Circuit.
"We have believed from the beginning that this case had no foundation and we are extremely pleased with the court's ruling," stated Dennis L. Pelino, Chairman of Stonepath.
About Stonepath Group (AMEX:STG) Stonepath (www.stonepath.com) is a global, third-party logistics organization providing a full range of transportation and distribution solutions to multinational and local businesses including a diverse client mix of retail leaders, automotive and technology concerns, government agencies, and defense contractors. Through strategic acquisitions and strong organic growth, the Company has expanded rapidly, establishing a network of owned operations throughout the U.S., the Asia-Pacific region and Latin America. DATASOURCE: Stonepath Group CONTACT: John Brine of Stonepath Group, +1-212-254-8280 Web site: http://www.stonepath.com/
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