Case Page

 

Case Status:    DISMISSED    
On or around 06/08/2010 (Date of order of final judgment)

Filing Date: August 17, 2007

The original complaint charges Impac and its top executive officers with violating the federal securities laws by issuing a series of materially false and misleading press releases and filings with the SEC concerning Impac's financial results and business prospects.

Specifically, the complaint alleges that Impac's representations concerning its Alt-A loans are alleged to be patently untrue, with the Alt-A loans actually being sold to less creditworthy borrowers, so that the loan portfolio was experiencing the same risks and discounts in securitization as sub-prime mortgages. At the same time, Impac overstated its financial results by failing to write down the value of its loan portfolio, thus falsely inflating the prices investors paid for Impac securities.

The judge ordered related cases to be consolidated on November 9, 2007, at the same time appointing lead plaintiff and approving selection of lead counsel. The Consolidated Amended Complaint was filed January 8, 2008, which defendants moved to have dismissed. Before ruling on the motion, plaintiffs amended their complaint and filed a Second Amended Consolidated Complaint on June 20, 2008. The defendants filed a motion to dismiss on July 18, 2008. The judge dismissed the Second Amended Consolidated Complaint on October 6, 2008 but provided plaintiffs 21 days to amend and re-file. A Third Amended Consolidated Complaint was filed on October 27, 2008.

On December 15, 2008, the defendants filed a motion to dismiss the Third Amended Consolidated Class Action Complaint. On March 9, 2009, Judge Andrew J. Guilford granted the defendants’ motion to dismiss. On March 25, 2009, Judgment was entered. On April 7, 2009, the lead plaintiff filed a Notice of Appeal to the Ninth Circuit Court of Appeals.

On July 22, 2010, the Court entered the Mandate from the Ninth Circuit Court of Appeals, which affirmed the decision of the District Court.

COMPANY INFORMATION:

Sector: Services
Industry: Real Estate Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IMH
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 07-CV-00970
JUDGE: Hon. Andrew J. Guilfold
DATE FILED: 08/17/2007
CLASS PERIOD START: 05/10/2006
CLASS PERIOD END: 08/15/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  2. Gardy & Notis, LLP (NJ)
    440 Sylvan Avenue, Gardy & Notis, LLP (NJ), NJ 07632
    201-567-7377 201-567-7337 · info@gardylaw.com
  3. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 07-CV-00970
JUDGE: Hon. Andrew J. Guilfold
DATE FILED: 10/27/2008
CLASS PERIOD START: 05/10/2006
CLASS PERIOD END: 05/10/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (Los Angeles)
    10866 Wilshire Boulevard Suite 1470, Faruqi & Faruqi LLP (Los Angeles), CA 90067
    (424) 256-2884 (424) 256-2885 ·
  2. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  3. Gardy & Notis, LLP (NJ)
    440 Sylvan Avenue, Gardy & Notis, LLP (NJ), NJ 07632
    201-567-7377 201-567-7337 · info@gardylaw.com
No Document Title Filing Date