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| Impac Mortgage Holdings, Inc. Securities Fraud Class Action |
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| Gardy & Notis, LLP has been appointed by the Court as lead counsel for investors suing Impac Mortgage Holdings, Inc. (NYSE: IMH) and its top executive officers for 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. Impac is a REIT that is a primarily a nationwide acquirer, originator, seller and investor of non-conforming Alt-A residential mortgages, which are mortgage loans that have loan characteristics that make them non-conforming under Fannie Mae or Freddie Mac guidelines, typically because of high loan-to-value ratios, or lack of required documentation and/or verifications. The lawsuit alleges that Impac mispresented the quality of its loan portfolio, including the fact that its Alt-A mortgages were experiencing the same risks and discounts in securitization as sub-prime mortgages. On August 14, 2007, Impac announced the disastrous results of its Alt-A loan program, and that the Company was suspending funding of futher Alt-A loans and suspending any dividend payments until at least 2008. For more information regarding the lawsuit or to obtain a copy of the complaint or any Court filings, please contact us. |
