NEW YORK, March 1, 2006 (PRIMEZONE) -- The law firm of Wechsler Harwood LLP (http://www.whesq.com), the first law firm to file a securities class action lawsuit against Impac Mortgage Holdings, Inc. (NYSE:IMH) ("IMH" or the "Company") on behalf of purchasers of the publicly traded shares of Impac between May 13, 2005 and August 9, 2005, both dates inclusive (the "Class Period"), reminds investors that the lead plaintiff deadline is March 13, 2006.
If you are a member of the class described above, you may move the Court to serve as lead plaintiff of the class, if you so choose. 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 the class member(s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wechsler Harwood, or other counsel of your choice, to serve as your counsel in this action
The action filed by Wechsler Harwood, entitled Schriver v. Impac Mortgage Holdinigs, Inc. Case No. SACV-06-0031 CIC (RNBx), is pending in the United States District Court for the Central District of California and follows an extensive investigation undertaken by the firm into the conduct of the named defendants (i.e., the Company and certain senior officers and directors). The complaint alleges that, starting on May 13, 2005, the Company began issuing a series of false and misleading statements aimed at artificially inflating the price of IMH common stock so that Company insiders could dump hundreds of thousands of personally held shares and reap millions in profits.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders, employee investors and consumers and is responsible for hundreds of millions of dollars in recoveries. You can obtain a copy of the complaint by visiting the Wechsler Harwood website at http://www.whesq.com or by contacting the firm directly. The Wechsler Harwood website contains detailed information regarding this matter and additional information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact plaintiff's counsel Jeffrey M. Norton at 877-935-7400 (ext. 286) or a firm representative.