The law firm of Wohl & Fruchter LLP announces that it has commenced an investigation into possible financial misconduct at Imperial Holdings, Inc. (Imperial) (NYSE: IFT).
On September 27, 2011, the FBI raided Imperial’s Florida offices. Trading in the company’s stock was halted at 1:42 PM EDT.
After the markets closed, Imperial confirmed the raid and indicated the agents were acting on a search warrant obtained by the U.S. Attorney's Office in New Hampshire from a Florida federal judge.
Imperial further announced that the company and certain of its employees, including its chief executive officer and chief operating officer, are now under investigation with respect to its life finance business.In response to these developments, Imperial’s stock dropped by 65%, declining from $6.30 on September 27, before trading was halted, to close at $2.19 the following day, when trading resumed. On October 5, 2011, the Wall Street Journal reported that inspectors from the federal government's financial-crisis bailout program (TARP) have joined the probe of Imperial. Additional information is available at http://www.wohlfruchter.com/cases/ift. Persons with relevant information, and Imperial shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140. About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.