RADNOR, Pa., Jan. 13 – LAWFUEL – The Law News Network — The f…

RADNOR, Pa., Jan. 13 – LAWFUEL – The Law News Network — The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United
States District Court for the District of New Jersey on behalf of all
securities purchasers of Impac Mortgage Holdings, Inc. (NYSE: IMH) (“Impac” or
the “Company”) between May 13, 2005 and August 9, 2005, inclusive (the “Class
Period”).

If you wish to discuss this action or have any questions concerning this
notice or your rights or interests with respect to these matters, please
contact Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard A.
Maniskas, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail
at [email protected]

The complaint charges Impac and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. Impac operates as a
mortgage real estate investment trust (“REIT”), which engages in the
acquisition, origination, sale, and securitization of nonconforming Alt-A
mortgages. More specifically, the Complaint alleges that the Company failed
to disclose and misrepresented the following material adverse facts which were
known to defendants or recklessly disregarded by them: (1) that the Company’s
operating margins were significantly and negatively affected by the rise in
short-term interest rates; given this Impac could not sustain its high
dividend payments; (2) that the Company lacked adequate internal controls; and
(3) that the Company’s statements with respect to its current condition and
future prospects lacked in all reasonable basis when made.

On August 9, 2005, Impac shocked the market when it revealed that the
Company posted a net loss of $55 million, or 78 cents per share, compared to a
profit of $143.2 million, or $2.17 per share. The Company also forecasted a
reduced dividend of 50 cents to 60 cents a share in the third quarter, down
from the previous 75 cents per share. On this news, shares of Impac fell
$2.39 per share, or 14.60 percent, on August 10, 2005, to close at $13.98 per
share.

Plaintiff seeks to recover damages on behalf of class members and is
represented by the law firm of Schiffrin & Barroway, which prosecutes class
actions in both state and federal courts throughout the country. Schiffrin &
Barroway is a driving force behind corporate governance reform, and has
recovered billions of dollars on behalf of institutional and individual
investors from the United States and around the world. For more information
about Schiffrin & Barroway, or to sign up to participate in this action
online, please visit http://www.sbclasslaw.com.

If you are a member of the class described above, you may, not later than
March 13, 2006, move the Court to serve as lead plaintiff of the class, if you
so choose. A lead plaintiff is a representative party that acts on behalf of
other class members in directing the litigation. In order to be appointed
lead plaintiff, the Court must determine that the class member’s claim is
typical of the claims of other class members, and that the class member will
adequately represent the class. Under certain circumstances, one or more
class members may together serve as “lead plaintiff.” Your ability to share
in any recovery is not, however, affected by the decision whether or not to
serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other
counsel of your choice, to serve as your counsel in this action.

CONTACT: Schiffrin & Barroway, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at [email protected]

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