The action alleged that Interpool has seriously deficient or non-existent internal controls relating to the accounting for direct finance leases, the policies for complex transactions, communications of complex transactions, adequate staffing within the accounting department, accounting for income taxes, communication of information regarding related party transactions, security of information technology, accounting for inter-company eliminations, and record keeping by various internal departments. As result of the company's numerous accounting improprieties, Interpool overstated its net income during the applicable period as well as overstating its shareholders' equity. Because of this, its reported financial results did not fairly present the results of its operations and were not prepared in accordance with Generally Accepted Accounting Procedures.

On December 29, 2003, Interpool announced an additional delay in the completion of its restated 2000 and 2001 and first three quarters of 2002 financial statements and 2002 financial statements. The additional delay was necessary to complete further analysis of the accounting for a pending claim by Interpool under its insurance policy covering leaded faults. Due to this delay, the company stated that it did not know if it would meet certain covenants and waivers as well as the potential to have a greater reduction on Interpool's restated stockholders equity. Also on this date, the New York Stock Exchange announced that it would suspend trading in Interpool's common stock and commenced delisting proceedings. As a result of this announcement, Interpool common stock dropped from $19.26 adjusted close on December 26, to an adjusted close on December 29 of $12.00, a 37% drop.

Also named as defendants in the action are Martin Tuchman (CEO and President), Raoul J. Witteveen (former COO and President) and Mitchell I. Gordon (CFO, Executive Vice President).

If you purchased the securities issued by Interpool, Inc., you may request appointment by the court as a lead plaintiff if you do so by April 3, 2004. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that your claim is typical of the claims of other class members, and that you will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain any counsel of your choice to serve as you in this action, or you may choose to do nothing, and remain in the class as a silent member.