SOURCE: Izard Nobel LLP

September 01, 2011 17:33 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Imperial Sugar Company

WEST HARTFORD, CT--(Marketwire - Sep 1, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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) between December 29, 2010 and August 5, 2011, inclusive (the "Class Period").

The Complaint charges ISC and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following: (i) ISC was experiencing a known 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; (ii) that the decline in sales volumes was primarily due to a lack of customer demand ensuing from forays by competitors selling lower-priced products into ISC's markets and not due to Company refinery production supply constraints; (iii) ISC was experiencing a significant decline in its gross margins; and (iv) that ISC's Port Wentworth refinery was experiencing ongoing operating defects that resulted in higher production costs and adversely impacted ISC's gross margins.

On August 5, 2011, ISC filed its Form 10-Q for the quarter ended June 30, 2011, which revealed that the Company's industrial sales volumes had declined by more than 40% from the same prior year period. On this news, shares of ISC fell over 60%.

If you are a member of the class, you may, no later than October 31, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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