ENGLEWOOD CLIFFS, N.J., Aug. 17, 2007 (PRIME NEWSWIRE) -- Gardy & Notis, LLP announces that it has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of Impac Mortgage Holdings, Inc. (NYSE:IMH) securities during a class period of May 10, 2006 to August 15, 2007.
The complaint charges Impac and its top executive officers with violating the federal securities laws by issuing a series of materially false and misleading press releases and filings with the SEC concerning Impac's financial results and business prospects.
Impac's representations concerning its Alt-A loans are alleged to be patently untrue, with the Alt-A loans actually being sold to less creditworthy borrowers, so that the loan portfolio was experiencing the same risks and discounts in securitization as sub-prime mortgages. At the same time, Impac overstated its financial results by failing to write down the value of its loan portfolio, thus falsely inflating the prices investors paid for Impac securities.
If you purchased any Impac securities between May 10, 2006 and August 15, 2007, then you may, no later than October 16, 2007 (60 days from today), request that the Court appoint you as lead plaintiff for the class of Impac investors. Any member of the class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a class member. Plaintiff is represented by Gardy & Notis, LLP, a law firm with extensive experience in prosecuting securities fraud class actions on behalf of aggrieved investors.
If you wish to obtain a copy of the complaint or have any questions concerning this lawsuit, please contact Mark Gardy or Dustin Mansoor at 201-567-7377 or by e-mail at mgardy@gardylaw.com or dmansoor@gardylaw.com. You can also obtain more information by visiting our website at www.gardylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca