Fourth graph, last sentence of release issued September 28, 2011 should read: Underwriters on Imperial's IPO included FBR Capital Markets & Co., JMP Securities LLC, and Wunderlich Securities, Inc. (sted: Underwriters on Imperial’s IPO were led by FBR Capital Markets.)
The corrected release reads:
KAHN SWICK & FOTI, LLC ANNOUNCES INVESTIGATION INTO IMPERIAL HOLDINGS INC. FOLLOWING FEDERAL RAID
Kahn Swick & Foti, LLC (“KSF”) and KSF Partner Former Attorney General of Louisiana, Charles C. Foti, Jr. announce the commencement of an investigation into Imperial Holdings Inc. (NYSE:IFT - News), following the FBI’s raid of the Florida offices of the company. Imperial Holdings is a company that purports to make lump-sum payments on legal settlements and life insurance policies.
Imperial Holdings confirmed local media reports of the FBI raid and said it, along with certain employees, including its chairman and chief executive and its president and chief operating officer, were under investigation for matters related to the company’s life-insurance business.
Shares of Imperial were halted pending news at 1:42 p.m. yesterday, and did not trade the rest of the day. Prior to this halt, the stock last changed hands at $6.32, down 2.8 percent. Today, when shares resumed trading they fell an additional 60%, trading down $3.85, to $2.45 per share.
Imperial Holdings became a publicly traded company in February 2011 when it raised $179.2 million in an initial public offering, selling over 16.66 million shares to the public at $10.75 per share. Prior to the Company’s IPO, Imperial lost money every year from 2008 through 2010, but reported that it had suddenly become profitable in the first six months of this year, according to its posted financial statements. Underwriters on Imperial's IPO included FBR Capital Markets & Co., JMP Securities LLC, and Wunderlich Securities, Inc.
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights as a shareholder, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (
), toll free 1-877-515-1850, or after hours via cell phone 504-301-7900.
About Kahn Swick & Foti, LLC