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Lieff, Cabraser, Heimann Bernstein, LLP Announces Class Action
Press Release |
2011/10/17 10:07
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The law firm of Lieff, Cabraser, Heimann amp; Bernstein, LLP is investigating potential securities law violations as alleged in a securities class action lawsuit filed on behalf of purchasers of the common stock of Imperial Holdings, Inc. pursuant and/or traceable to the Company’s initial public offering on or about February 7, 2011 through September 27, 2011, inclusive.
Imperial Holdings shareholders, or individuals with information relating to this investigation, who wish to learn more about the action should click here or contact Sharon M. Lee of Lieff Cabraser toll free at (800) 541-7358.
Background on the Imperial Holdings Securities Class Litigation
The action is brought against Imperial Holdings, certain of its officers and directors, and the underwriters of the IPO for violations of the Securities Act of 1933. Imperial Holdings is a specialty finance company that focuses on providing premium financing for individual life insurance policies.
The action alleges that the Company’s registration statement and prospectus for the IPO, filed with the Securities and Exchange Commission, were materially false and misleading because they failed to disclose that Imperial Holdings had engaged in wrongdoing with respect to its life insurance finance business that would expose the Company and certain of its employees to government investigations.
On September 27, 2011, Imperial Holdings announced that federal investigators had served the Company with a search warrant and that it and certain of its employees, including its Chairman and Chief Executive Officer and its President and Chief Operating Officer, were under investigation in connection with the Company’s life insurance business. In response to this announcement and news of the raid on the Company's headquarters, the price of Imperial Holdings stock declined from $6.30 per share to close at $2.19 per share on September 28, 2011, on extremely heavy trading volume.
About Lieff Cabraser
Lieff, Cabraser, Heimann amp; Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last nine consecutive years. For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com. |
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Utah man charged with threatening air marshals
Industry News |
2011/10/17 10:07
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A Utah man has been charged in federal court after authorities say he threatened to shoot air marshals, hijack the flight and urinate in the cabin of a Delta Airlines plane en route from Amsterdam to Detroit.
During a Thursday appearance in U.S. District Court in Salt Lake City, a judge allowed Jared L. Hansen to remain free pending a Nov. 7 hearing in Detroit. Hansen was ordered to surrender his passport and abstain from drinking alcohol, among other conditions.
He didn't return a telephone message seeking comment Thursday, and no attorney was listed for him in court records.
Hansen, 31, was aboard an Oct. 4 Delta Airlines flight from Amsterdam to Detroit when authorities say he attempted to use the bathroom in the business class section of the cabin. Members of the flight crew asked him to either return to his seat or use the facilities in the rear of the cabin, but he refused, according to a criminal complaint filed in U.S. District Court in Detroit.
Hansen, who was believed to be heavily intoxicated, then threatened to urinate in the cabin and exposed himself, authorities said. |
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High court to rule on Stolen Valor Act
Headline Topics |
2011/10/17 10:06
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The Supreme Court will decide whether a law making it a crime to lie about having received military medals is constitutional.
The justices said Monday they will consider the validity of the Stolen Valor Act, which passed Congress with overwhelming support in 2006. The federal appeals court in California struck down the law on free speech grounds and appeals courts in Colorado, Georgia and Missouri are considering similar cases.
The Obama administration is arguing that the law is reasonable because it only applies to instances in which the speaker intends to portray himself as a medal recipient. Previous high court rulings also have limited First Amendment protection for false statements.
The court almost always reviews lower court rulings that hold federal laws unconstitutional.
The case concerns the government's prosecution of Xavier Alvarez of Pomona, Calif. A member of the local water district board, Alvarez said at a public meeting in 2007 that he was a retired Marine who received the Medal of Honor, the nation's highest military decoration. In fact, he had never served in the military. |
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Court blocks Ala. from checking student status
Headline Court News |
2011/10/17 10:06
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Armando Cardenas says he has thought about leaving Alabama because of the possibility of being arrested as an illegal immigrant and the hostility he feels from residents.
But now that a federal appeals court has sided with the Obama administration and dealt a blow to the state's toughest-in-the-nation immigration law, Cardenas said he will stay for at least a while longer.
It's not easy to leave everything you have worked so hard for, Cardenas said after the appeals court blocked public schools from checking the immigration status of students.
The decision from the 11th U.S. Circuit Court of Appeals also said police can't charge immigrants who are unable to prove their citizenship, but it let some parts of the law stand, giving supporters a partial victory. The decision was only temporary and a final ruling isn't expected for months, after judges can review more arguments.
Unlike in other states where immigration crackdowns have been challenged in the courts, Alabama's law was left largely in effect for about three weeks, long enough to frighten Hispanics and drive them away from the state. Construction businesses said Hispanic workers had quit showing up for jobs and schools reported that Latino students stopped coming to classes. |
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Court mulls trial in absentia for Hariri case
Blog Updates |
2011/10/15 10:06
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A panel of judges at a U.N.-backed court investigating the 2005 assassination of former Lebanese Prime Minister Rafik Hariri will consider whether to stage a trial in absentia for four Hezbollah members accused in the slaying.
The suspects were indicted earlier this year, but Hezbollah has refused to arrest them and send them for trial in the Special Tribunal for Lebanon's purpose-built courtroom.
The court said in a statement Monday that a pretrial judge preparing the case has asked trial judges to determine whether proceedings in absentia should be initiated against the four men.
Iranian-backed Shiite militia Hezbollah denies involvement in the Feb. 14, 2005, truck bombing that killed Hariri and 22 others, including the suicide bomber, in Beirut. |
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US court turns down Philly DA in cop-killing case
Industry News |
2011/10/11 09:46
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The U.S. Supreme Court has rejected a request from prosecutors who want to re-impose a death sentence on former Black Panther Mumia Abu-Jamal, convicted of killing a white Philadelphia police officer 30 years ago.
The justices on Tuesday refused to get involved in the racially charged case. A federal appeals court ordered a new sentencing hearing for Abu-Jamal after finding that the death-penalty instructions given to the jury at Abu-Jamal's 1982 trial were potentially misleading.
Courts have upheld Abu-Jamal's conviction for killing Officer Daniel Faulkner over objections that African-Americans were improperly excluded from the jury.
The federal appeals court in Philadelphia said prosecutors could agree to a life sentence for Abu-Jamal or try again to sentence him to death. |
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Airline attack suspect sought martyrdom
Industry News |
2011/10/11 09:46
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A young Nigerian allegedly on a terrorist mission for al-Qaida prayed, washed and put on perfume moments before trying to detonate a bomb in his underwear to bring down an international jetliner on Christmas 2009, a prosecutor told jurors as the man's trial opened Tuesday.
Virtually everyone aboard Northwest Airlines Flight 253 had holiday plans, but Umar Farouk Abdulmutallab believed his calling was martyrdom, Assistant U.S. Attorney Jonathan Tukel said.
In the plane's bathroom, he was engaging in rituals. He was preparing to die and enter heaven, Tukel said. He purified himself. He washed. He brushed his teeth. He put on perfume. He was praying and perfuming himself to get ready to die.
After returning to his seat, Abdulmutallab pushed a small plunger on the chemical bomb in his underwear, an action that produced a pop, the prosecutor told jurors.
The bomb didn't work as planned but Abdulmutallab was engulfed in flames, said Tukel, who displayed the flight's seating chart on a screen to show jurors where things happened on the plane.
Opening statements began after an unexplained 70-minute recess requested by Abdulmutallab and his attorney, Anthony Chambers, shortly after they entered the courtroom. |
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