Robbins Umeda LLP Announces an Investigation of Imperial Holdings, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of law by certain officers and directors at Imperial Holdings, Inc. (NYSE: IFT).
Robbins Umeda LLP’s investigation focuses on whether officials at Imperial Holdings breached their fiduciary duties to shareholders and harmed the company. On September 27, 2011, federal investigators raided the company’s Florida offices after officials at the company were served with a search warrant. Later the same day, Imperial Holdings issued a press release acknowledging that the company was “under investigation in the District of New Hampshire with respect to its life finance business.” The company’s press release also contained the additional revelation that the activities of Chief Executive Officer Anthony Mitchel and Chief Operating Officer Jonathan Neuman were also being investigated as a part of the federal probe.
On this news, shares of Imperial Holdings have lost upwards of 60% of their value. After recently closing as high as $10.00 per share on July 26, 2011, shares of the company’s stock opened on September 28, 2011 at just $1.55 per share.
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