NEW YORK, Jan. 18, 2006 (PRIMEZONE) -- On January 11, 2006, the law firm of Wechsler Harwood LLP (http://www.whesq.com) filed a class action suit on behalf of all securities purchasers of Impac Mortgage Holdings, Inc. (NYSE:IMH) ("IMH" or the "Company") between May 13, 2005, and August 9, 2005, both dates inclusive (the "Class Period"). The action, entitled Schriver v. Impac Mortgage Holdings, Inc. Case No. SACV-06-0031 CIC (RNBx), was filed in the United States District Court for the Central District of California, and names as defendants, the Company as well as certain senior officers and directors.
Wechsler Harwood's complaint, following a comprehensive investigation undertaken by the firm, alleges a series of false and misleading statements issued by the Company 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. Following the announcement of the case on January 11, 2006, a number of other law firms issued press releases claiming to offer "information" about joining the suit. Investors should be advised that most of these firms have not filed complaints, are unaware of the underlying claims, and appear to be advertising for the sole purpose of soliciting clients so that the firms can participate in this case.
If you are a member of the class described above, you may, not later than March 13, 2006, 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.
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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca