LOS ANGELES, Jan. 7, 2012 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired 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"), have until January 17, 2012 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Southern District of Florida.
The Complaint alleges that the Registration Statement and Prospectus issued in connection with the IPO were materially false and misleading and/or failed to disclose that the Company had engaged in serious wrongdoing in connection with its life finance business, which would expose Imperial and certain of its employees, including its chief executive officer and its chief operating officer, to a criminal investigation by the FBI in conjunction with the United States Attorney's Office for the District of New Hampshire
On September 27, 2011, after the close of trading, Imperial issued a press release announcing that it had been served with a search warrant issued by a Magistrate Judge for the United States District Court for the Southern District of Florida, and 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." On this news, the Company's stock declined 65.24%, to close at $2.19 per share on September 28, 2011. This closing price represented a cumulative loss of $8.56, or 79.63% of the value of the Company's shares, from the IPO price of $10.75 per share just months earlier.
Any person or group who suffered a loss as a result of purchasing Imperial common stock pursuant to the Company's February 7, 2011 initial public offering may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the January 17, 2012 deadline. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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