SOURCE: Brower Piven, A Professional Corporation

September 16, 2011 17:44 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $1,000,000 From Investment in Imperial Sugar Company to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the October 31, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Sep 16, 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 Texas on behalf of purchasers of the common stock of Imperial Sugar Company ("ISC" or the "Company") (NASDAQ: IPSU) during the period between December 29, 2010 and August 5, 2011, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in ISC common stock during the Class Period, 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 October 31, 2011 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 Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that as a result of the Company's undisclosed reduction in customer demand for its products resulting from Mexican and other sugar refiners selling sugar products into ISC's markets at steeply discounted prices and undisclosed decline in sales volumes primarily due to a lack of customer demand because competitors were selling lower-priced products in ISC's markets, ISC was experiencing a significant decline in its gross margins, particularly in the second half of the Class Period, and that the Company's Port Wentworth, Georgia refinery was experiencing ongoing operating defects that resulted in higher production costs which adversely impacted ISC's gross margins. After, on August 5, 2011, ISC filed with the United States Securities and Exchange Commission its Form 10-Q for the quarter ended June 30, 2011, revealing a 40% decline from the prior year in Company industrial sales volume and defendants held a conference call wherein it was revealed that the Company's 2011 industrial orders, and hence, its industrial sales volumes, were booked and therefore known to defendants well in advance of 2011; ISC had filled all of its existing orders during the June 2011 quarter, including its industrial orders; production at the Company's refineries did not limit its sales volumes; ISC's Port Wentworth, Georgia refinery had experienced ongoing operating defects, resulting in higher production costs that adversely impacted the Company's gross margins; and competitive pricing by low cost Mexican and other sugar refiners had a material adverse effect on the Company's sales and gross margins, the value of ISC 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