NEW YORK, Jan. 5, 2012 (GLOBE NEWSWIRE) -- Class action lawsuits were filed in the United States District Court for the Southern District of Florida on behalf of all purchasers of the common stock of Imperial Holdings, Inc. ("Imperial" or the "Company") (NYSE:IFT) pursuant and/or traceable to the Company's Registration Statement and Prospectus issued in connection with the Company's February 7, 2011 initial public offering (the "IPO").
The Complaints allege that Imperial, certain of its officers and directors, and certain underwriters, violated the Securities Act of 1933. Specifically, the lawsuits claim Imperial's Registration Statement and Prospectus issued in connection with the IPO failed to reveal that the Company had engaged in serious misconduct in connection with its life finance business, which would eventually expose Imperial and certain of its employees to a criminal investigation by federal regulators.
On September 27, 2011, Imperial disclosed that the FBI had executed a search warrant, issued by the U.S. Attorney's office in New Hampshire, at Imperial's Boca-Raton offices. The Company said that it "understands that it and certain of its employees, including its chairman and chief executive officer, and its president and chief operating officer, are under investigation in the District of New Hampshire with respect to its life finance business." In reaction to the news, Imperial shares fell 65.24% to close at $2.19 per share on September 28, 2011. This closing price represented a 79.63% decline of the value of the Company's shares, from the February IPO price of $10.75 per share.
If you purchased Imperial common stock in connection with the Company's February 7, 2011 IPO, you may, no later than January 17, 2012, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class. Your share in any recovery will not be enhanced by serving as a lead plaintiff. You do not need to move for lead plaintiff to recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.
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