Harwood Feffer LLP announces that it has commenced an investigation on behalf of purchasers of shares of common stock of Imperial Holdings, Inc. ("Imperial Holdings" or the "Company") (NYSE: IFT) who purchased shares pursuant to a prospectus on Form 424B1 dated February 8, 2011 or subsequently and who currently own such shares.
On September 27, 2011, investigators from the FBI raided Imperial Holdings’ Florida offices. Later that day, the Company confirmed that it, as well as certain employees including the Chairman, Chief Executive Officer Anthony Mitchel and Chief Operating Officer Jonathan Neuman, were under investigation in the District of New Hampshire in connection with the Company’s life insurance business. In the wake of these revelations, Company stock plunged from $6.50 per share on September 26, 2011 to $2.19 per share on September 28, 2011. Company shares traded as high as $10.00 per share as recently as July 26, 2011.
In February 2011, Imperial Holdings became a publicly traded company 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. Before going public, the Company had lost money each year from 2008 through 2010, however it recently reported that it had suddenly become profitable in the first six months of this year, according to SEC filings.
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