April 23, 2015
Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of Florida on behalf of all current public shareholders of Imperial Holdings, Inc. (“Imperial” or the “Company”) common stock (the “Class”) for violations of Section 14 of the Securities Exchange Act of 1934 and breach of fiduciary duties in connection with a bylaw (the “Bylaw”) that requires current and former shareholders who wish to file a class or derivative action against or on behalf of Imperial, its directors, or its officers to first obtain written consent from other shareholders beneficially owning at least 3% (or over 642,000) of the Company’s shares. The case is also brought as a derivative action on behalf of Imperial for breach of fiduciary duty, waste of corporate assets, abuse of control, and gross mismanagement.
Plaintiffs seek damages and equitable relief on behalf of all Class members. If you hold Imperial common stock, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 22, 2015.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Imperial shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of Florida.