Law360 (February 3, 2011, 7:16 PM EST) -- Life Partners Holdings Inc. is facing a putative shareholder class action alleging the life settlement company used unrealistic life expectancy data to sell securities to investors, which led to steep stock losses when the misleading information came to light.
According to a complaint filed Wednesday in the U.S. District Court for the Western District of Texas, Life Partners Holdings acknowledged media reports of a U.S. Securities and Exchange Commission investigation into its life expectancy calculations Jan. 20, causing its stock to drop $2.58 per share, or...
Life Partners Fudged Life Expectancy Data, Suit Says
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