Impac Mortgage Holdings, Inc. Securities Litigation
On or around 05/25/2011 (Stipulation and order of dismissal (voluntary dismissal))
Filing Date: May 10, 2011
According to the complaint, Plaintiff brings this class action on behalf of two classes of similarly situated purchasers and/or holders of: (i) Impac Series B Preferred Shares (the “Preferred B Class”); and (ii) Impac Series C Preferred Shares (the “Preferred C Class” and, together with the Preferred B Class, the “Classes”) who have been, and continue to be, deprived of the opportunity to realize fully the benefits of their investment in the Company, and/or who have been otherwise damaged as a result of Defendants’ conduct. This Complaint is brought against Impac and the Company’s Officers and Directors (the Officers and Directors are the “Individual Defendants,” and together with Impac, the “Defendants”).
In 2009, Impac filed unauthorized false, invalid amendments to the Company’s corporate charter. These amendments purport to eliminate all of the important and valuable terms of two Series of Impac perpetual Preferred stock. Each Preferred has a face value of $25. The Series B Preferred (“Preferred B”) paid quarterly dividends at the rate of 9.375% and the Series C Preferred (“Preferred C”) paid quarterly dividends at the rate of 9.125%. The fraudulently filed amendments make these Preferred stocks (with a total face value of $161.8 million) substantially worthless by eliminating the cumulating of discretionary dividend payments totaling $14.9 million annually and all other valuable provisions protecting the investment of the Preferred holders.
Impac misrepresented its true financial condition to make it appear to the holders of its Preferred stock (which the Company sought to purchase and retire for 29 and 28.5 cents per share) that IMPM was almost insolvent and would never be able to pay dividends on the Preferred.
On May 25, 2011, the named Plaintiff filed a notice of voluntary dismissal of the entire case without prejudice.
Company & Securities Information
Defendant: Impac Mortgage Holdings, Inc.
Industry: Real Estate Operations
Headquarters: United States
Ticker Symbol: IMH
Company Market: American 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.
First Identified Complaint
Norma B. Power Trust, et al. v. Impac Mortgage Holdings, Inc., et al.