Impath Inc., a

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

based

corporation A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...

, was a provider of

cancer Cancer is a group of diseases involving abnormal cell growth with the potential to invade or spread to other parts of the body. These contrast with benign tumors, which do not spread. Possible signs and symptoms include a lump, abnormal b ...

related laboratory services. Impath filed for

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...

protection in September 2003. 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 Genzyme was an American biotechnology company based in Cambridge, Massachusetts. Since its acquisition in 2011, Genzyme (also known as Genzyme Transgenics Corp or GTC Biotherapeutics) has been a fully owned subsidiary of Sanofi. In 2010, Genzyme ...

acquired several of Impath's laboratories and cancer-testing technologies. In September 2005 the

United States Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

took action against former

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

Anuradha Saad and her colleagues, alleging fraudulent accounting. The same month Saad pleaded guilty to two counts of soliciting proxies containing false statements. It was also alleged that Saad improperly charged $120,000 in personal expenses to Impath. 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 Jed Saul Rakoff (born August 1, 1943) is a Senior United States district judge of the United States District Court for the Southern District of New York. Education Rakoff was born in Philadelphia, Pennsylvania on August 1, 1943. He grew up in ...

References

Companies based in New York City {{med-company-stub