SOURCE: Brower Piven, A Professional Corporation

November 28, 2011 17:55 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Imperial Holdings, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 17, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Nov 28, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Florida on behalf of investors who purchased Imperial Holdings, Inc. ("Imperial" or the "Company") (NYSE: IFT) 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").

If you have suffered a net loss for all transactions in common stock pursuant and/or traceable to the Company's Offering, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 17, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose during in connection with its IPO that the Company had engaged in wrongdoing with respect to its life finance business that would expose the Company and certain of its employees to an investigation by the FBI in conjunction with the United States Attorney's Office. According to the complaint, when the Company disclosed the existence of the investigation and after an FBI raid on the Company's headquarters, the value of Imperial's shares declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact