Tripp Levy PLLC, a leading national securities law firm, is investigating potential securities fraud claims on behalf of purchasers of Imperial Holdings, Inc. (NYSE: IFT) securities against Imperial Holdings and certain of its officer and directors during the period February 2011 through September 27, 2011. On September 27, 2011, it was reported that the FBI raided the Florida offices of Imperial Holdings, a company that makes lump-sum payments on legal settlements and life insurance policies. Imperial Holdings confirmed that the company’s offices have been raided 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 Holdings 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 Holdings 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 Holdings’s IPO were led by FBR Capital Markets.
If you have any information related to potential securities fraud at Imperial Holdings or purchased Imperial Holdings securities and would like to be informed of your legal rights, please contact:
Tripp LevyTripp Levy PLLC125 East 82
FloorNew York, New YorkToll Free: 877-772-3975Email:
Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.