SOURCE: Brower Piven, A Professional Corporation

February 08, 2011 17:37 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Life Partners Holdings, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 4, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - February 8, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Texas on behalf of purchasers of the common stock of Life Partners Holdings, Inc. ("Life Partners" or the "Company") (NASDAQ: LPHI) during the period between May 29, 2007 and January 20, 2011, inclusive (the "Class Period").

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 the Company had issued false and misleading financial statements made false by the Company's routine use of unrealistic life expectancy data that produced inaccurately short life expectancy reports subsequently used to sell life settlement policies to investors for substantially inflated amounts, a practice the Company knew would produce unsustainable revenue. According to the Complaint, after, on January 20, 2011, The Wall Street Journal reported, and the Company subsequently confirmed, that the SEC's enforcement division was pursuing an investigation into the way Life Partners estimated the life expectancies of the insured individuals, the value of Life Partners shares declined significantly.

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 April 4, 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.

If you have suffered a net loss for all transactions in Life Partners Holdings, Inc. 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 50 years. 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