Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Southern District of Florida on behalf of investors who purchased Imperial Holdings, Inc. (NYSE: IFT) (“Imperial” or the “Company”) common stock pursuant and/or traceable to the Company’s Registration and Prospectus issued in connection with the Company’s February 7, 2011 initial public offering (The “IPO” or the “Offering”).
The Complaint alleges that the Registration Statement and Prospectus issued in connection with the IPO were materially false and misleading and/or omitted to state 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.
Imperial is a specialty finance company that, through its operating subsidiaries, provides customized liquidity solutions to owners of illiquid financial assets. According to the Company, Imperial provides premium financing for individual life insurance policies and also purchases life insurance policies in the life settlement and secondary markets for resale to investors. In connection with the Company’s February 7, 2011 IPO, Imperial sold approximately 17.6 million shares of common stock to the public at a price of $10.75 per share. The Company received net proceeds of approximately $174.4 million from the IPO, which were to be used to support Imperial’s premium finance transactions and its structured settlement activities.
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. The Company disclosed 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, shares of the Company’s stock declined $4.11 per share, or 65.24%, to close at $2.19 per share on September 28, 2011, on unusually heavy trading volume. This closing price represented a cumulative loss of $8.56, or 79.63%, of the value of the Company’s shares at the IPO price of $10.75 per share, just months earlier.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased the shares of Imperial Holdings, Inc., you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests:
Joseph E. White, III
jwhite@saxenawhite.com
Greg Stone
gstone@saxenawhite.com
Saxena White P.A.
2424 North Federal Highway, Suite 257
Boca Raton, FL 33431
Tel: (561) 394-3399
Fax: (561) 394-3382
www.saxenawhite.com
If you incurred a loss on shares of Imperial Holdings, Inc. and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than January 17, 2012. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., which has offices in Boca Raton and Boston, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
