Pittsburgh Law Office of Alfred G. Yates, Jr., P.C. Announces the Investigation of Possible Breaches of Fiduciary Duties of Directors of Imperial Holdings, Inc. (IFT)

PITTSBURGH, Dec. 23, 2014 /PRNewswire/ -- Law Office of Alfred G. Yates, Jr., P.C. is investigating allegations of wrongdoing and breaches of fiduciary duty by the Directors of Imperial Holdings, Inc. ("Imperial Holdings" or the "Company") IFT, by unilaterally amending the Company's bylaws to prevent Imperial Holdings' shareholders from exercising their rights to deter, stop, and seek redress for violations of Florida and Federal law by the directors and other members of Company management.

On November 3, 2014, following several years of federal government investigations of illegal activity at Imperial, including a 2011 raid by the FBI at the Company's Boca Raton, Florida, headquarters; a February 2012 subpoena from the SEC; an April 2012 non-prosecution agreement with the U.S. Department of  Justice along with an $8 million penalty, and an ongoing investigation by the Criminal Division of the IRS, the directors of the Company announced that they had, without shareholder approval, adopted an unprecedented amendment to Imperial Holdings' bylaws.  The amendment, which immediately went into effect, prohibits shareholders from protecting themselves and the Company from corporate and criminal malfeasance by the board and its management, unless shareholders holding at least 3% of the outstanding common stock (or 500,000 shares) of Imperial Holdings provide written consent to initiate legal action.

If you are an investor of the above Company and wish to learn more about the investigation or have any questions, please contact Alfred G. Yates, Jr., Esquire at 1-800-391-5164, toll free.  You may also contact him by email at yateslaw@aol.com or through the law office web site at http://yatesclassactionlaw.com/contact_us.php.

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SOURCE Law Office of Alfred G. Yates Jr., P.C.