Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/imperial/) announces that a class action has been commenced in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida on behalf of purchasers of the common stock of Imperial Holdings, Inc. (“Imperial” or the “Company”) (NYSE: IFT) pursuant and/or traceable to the Company’s February 7, 2011 initial public offering (“IPO”) through September 27, 2011, inclusive, seeking to pursue remedies under the Securities Act of 1933 (the “Securities Act”). On October 25, 2011, defendants in the class action removed the case to the United States District Court for the Southern District of Florida, where it is currently pending. At least one other class action has been filed against Imperial in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida. It too was removed to the United States District Court for the Southern District of Florida, where an additional class action has been filed.
If you wish to serve as a representative plaintiff, or if you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs’ counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. If you are a member of this Class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/imperial/.
Imperial is a specialty finance company that, through its operating subsidiaries, provides liquidity solutions to owners of illiquid financial assets. Imperial provides premium financing for individual life insurance policies and also purchases life insurance policies in the life settlement and secondary markets for resale to investors. On September 27, 2011, after the close of trading, Imperial issued a press release announcing that it had been served with a search warrant issued by the United States District Court for the Southern District of Florida. The Company disclosed that “it and certain of its employees, including its chairman and chief executive officer, and its president and chief operating officer, are under investigation in the District of New Hampshire with respect to its life finance business.” On this news, shares of Company stock declined $4.11 per share, or 65.24%, to close at $2.19 per share on September 28, 2011, on unusually heavy trading volume.