CORRECTING and REPLACING Kahn Swick & Foti, LLC Announces Investigation Into Imperial Holdings Inc. Following Federal Raid
<p><location value="LU/us.la.nworln" idsrc="xmltag.org">NEW ORLEANS</location>--(BUSINESS WIRE)-- Fourth graph, last sentence of release issued <chron>September 28, 2011</chron> should read: Underwriters on Imperial's IPO included FBR Capital Markets & Co., <org value="ACORN:1647215378" idsrc="xmltag.org">JMP Securities LLC</org>, and <org value="ACORN:1693557423" idsrc="xmltag.org">Wunderlich Securities, Inc.</org> (sted: Underwriters on Imperial’s IPO were led by <org>FBR Capital Markets</org>.) </p><p> The corrected release reads: </p><p><b><org>KAHN SWICK & FOTI, LLC</org> ANNOUNCES INVESTIGATION INTO IMPERIAL HOLDINGS INC. FOLLOWING FEDERAL RAID</b></p><p><org>Kahn Swick & Foti, LLC</org> (“KSF”) and KSF Partner Former Attorney General of <location value="LS/us.la" idsrc="xmltag.org">Louisiana</location>, <person>Charles C. Foti</person>, Jr. announce the commencement of an investigation into <org value="NYSE:IFT" idsrc="xmltag.org">Imperial Holdings Inc.</org> (NYSE:IFT - News), following the FBI’s raid of the <location value="LS/us.fl" idsrc="xmltag.org">Florida</location> offices of the company. <org>Imperial Holdings</org> is a company that purports to make lump-sum payments on legal settlements and life insurance policies. </p><p><org>Imperial Holdings</org> confirmed local media reports of the <org>FBI</org> raid 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. </p><p> Shares of Imperial were halted pending news at <chron>1:42 p.m.</chron> yesterday, and did not trade the rest of the day. Prior to this halt, the stock last changed hands at <money>$6.32</money>, down 2.8 percent. Today, when shares resumed trading they fell an additional 60%, trading down <money>$3.85</money>, to <money>$2.45</money> per share. </p><p><org>Imperial Holdings</org> became a publicly traded company in <chron>February 2011</chron> when it raised <money>$179.2 million</money> in an initial public offering, selling over 16.66 million shares to the public at <money>$10.75</money> per share. Prior to the Company’s IPO, Imperial 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's IPO included FBR Capital Markets & Co., <org value="ACORN:1647215378" idsrc="xmltag.org">JMP Securities LLC</org>, and <org value="ACORN:1693557423" idsrc="xmltag.org">Wunderlich Securities, Inc.</org></p><p> If you have information that would assist KSF in its investigation, or would like to discuss your legal rights as a shareholder, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, <person>Lewis Kahn</person> (<a href="mailto:[email protected]">[email protected]</a>), toll free 1-877-515-1850, or after hours via cell phone 504-301-7900. </p><p> About <org>Kahn Swick & Foti, LLC</org></p><p> KSF, whose partners include the Former Louisiana Attorney General <person>Charles C. Foti</person>, Jr., is a law firm focused on securities class action and shareholder derivative litigation. The firm has offices in <location value="LU/us.ny.nyc" idsrc="xmltag.org">New York</location> and <location value="LS/us.la" idsrc="xmltag.org">Louisiana</location>. To learn more about KSF, you may visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ksfcounsel.com&esheet=50011213&lan=en-US&anchor=www.ksfcounsel.com&index=1&md5=2a461a3188c615291e5db0be8f241fae">www.ksfcounsel.com</a>. </p><p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&sty=20110928006205r2&sid=acqr4&distro=nx" /><span class="bwct31415" /></p><p><org>Kahn Swick & Foti, LLC</org><br /><person>Lewis Kahn, Esq.</person>, 877-515-1850<br />Cell: 504-301-7900 </p><p>Source: <org>Kahn Swick & Foti, LLC</org></p>
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