LOS ANGELES, March 18, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of Life Partners Holdings, Inc. ("Life Partners" or the "Company") (Nasdaq:LPHI) between May 29, 2007 and January 20, 2011, inclusive (the "Class Period") have only 17 days until the April 4, 2011 deadline to file a motion to be appointed Lead Plaintiff in the securities fraud class action lawsuit. The case is pending in the United States District Court for the Western District of Texas and has been assigned to the Honorable Walter S. Smith, United States District Judge.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
Life Partners operates in the secondary market for life insurance generally known as "life settlements." The Complaint alleges that during the foregoing Class Period the Company and certain of its executive officers misrepresented and/or failed to disclose that the Company routinely employed life expectancy data that produced inaccurately short life expectancy reports which were subsequently used to sell life settlement policies to investors, and by underestimating life expectancy data the Company was able to charge substantially larger fees when brokering life settlement policies. Consequently, the Company's statements about its financial performance and future business prospects were lacking any reasonable basis.
On January 20, 2011, The Wall Street Journal published an article disclosing that the Securities and Exchange Commission was investigating Life Partners' business practices related to the Company's life expectancy estimates for insured individuals whose life insurance policy rights the Company was selling. Later that same day, the Company confirmed the SEC was investigating the business of its operating subsidiary, Life Partners, Inc.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing Life Partners securities between May 29, 2007 and January 20, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the April 4, 2011 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing Life Partners shareholders in this litigation.
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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA Lionel Z. Glancy (310) 201-9150 or (888) 773-9224 Michael Goldberg shareholders@glancylaw.com www.glancylaw.com