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Law Offices of Howard G. Smith, Representing Investors of Life PartnersHoldings, Inc., Announces Class Action Lawsuit

^{Published on 2011-02-14 17:20:25 - Market Wire}
 

BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith, representing investors of Life Partners Holdings, Inc. (aLife Partnersa or the aCompanya) (NASDAQ:LPHI), has filed a class action lawsuit in the United States District Court for the Western District of Texas on behalf of a class (the aClassa) consisting of all persons or entities who purchased the securities of Life Partners between May 29, 2007 and January 20, 2011, inclusive (the aClass Perioda).

Life Partners, through its subsidiary, Life Partners, Inc., operates in the secondary market for life insurance generally known as alife settlements.a The Complaint alleges that defendants misrepresented and/or failed to disclose that, among other things: (1) the Company routinely used life expectancy data that produced inaccurately short life expectancy reports, which were subsequently used to sell life settlement policies to investors; (2) the Company concealed the historical rate at which insured individuals had lived past the life expectancy data previously provided to life settlement investors, such that the Companya™s investors were unable to assess the accuracy or reliability of such data; (3) as a result, the Companya™s financial statements were false and misleading at all relevant times; and (4) as a result of the foregoing, the Companya™s statements about its financial performance and future business prospects were lacking in any reasonable basis when made.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Life Partners securities between May 29, 2007 and January 20, 2011, you have certain rights and have until April 4, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to [ howardsmith@howardsmithlaw.com ] or visit our website at [ http://www.howardsmithlaw.com ].