Life Partners Responds to SEC Lawsuit
WACO, Texas--(BUSINESS WIRE)--
Life Partners Holdings, Inc. (NASDAQ GS: LPHI) responded today to
notice that a lawsuit has been filed against it by the Securities and
Exchange Commission. The Company believes the action is without merit
and will vigorously defend itself and its officers.
Life Partners' Chairman, Brian Pardo, stated, "It is very disappointing
that the SEC has chosen to pursue litigation over issues that we believe
have no merit and financial presentation issues that we do not believe
are material. We have always done our best to deliver value to our
shareholders and to run an honest and transparent company. We intend to
vigorously defend ourselves against these meritless claims."
The lawsuit targeted Life Partners Holdings, Inc. and certain of its
officers, but no claims were filed against the company's operating
subsidiary, Life Partners, Inc., and the action has no effect on any of
Life Partners, Inc.'s transactions or clients.
Life Partners is the world's oldest and one of the most active
companies in the United States engaged in the secondary market for life
insurance, commonly called "life settlements." Since its incorporation
in 1991, Life Partners has completed over 137,000 transactions for its
worldwide client base of over 28,000 high net worth individuals and
institutions in connection with the purchase of over 6,400 policies
totaling approximately $3 billion in face value.
Visit our website at: www.lphi.com.
Safe Harbor - This press release contains certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, and that actual results may differ
materially from those projected in the forward-looking statements as a
result of various factors. The statements in this news release that are
not historical statements, including statements regarding the basis,
outcome or duration of the legal action, are forward-looking statements
within the meaning of the federal securities laws. These statements are
subject to numerous risks and uncertainties, many of which are beyond
our control, that could cause actual results to differ materially from
such statements. For information concerning these risks and
uncertainties, see our most recent Form 10-KSB. We disclaim any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as may be required by law.
Life Partners Holdings, Inc.
Shareholder Relations, 254-751-7797
Source: Life Partners Holdings, Inc.
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