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The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Imperial Sugar Company

^{Published on 2011-09-07 04:10:52 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--Former United States Securities and United States Securities and Exchange Commission attorney [ Willie Briscoe ], founder of [ The Briscoe Law Firm, PLLC ], and the securities litigation firm of [ Powers Taylor, LLP ] announce that the firms are investigating legal claims against the officers and Board of Directors of Imperial Sugar Company (aImperial Sugara or aIPSUa) (NASDAQ: IPSU) related to potentially misleading public statements issued by Imperial Sugar between December 29, 2010 and August 5, 2011 (the aClass Perioda).

If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

It has been alleged that during the Class Period, Imperial Sugar and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to Imperial Sugara™s business and operations in violation of the Securities Exchange Act of 1934. Specifically, ita™s alleged that defendants misrepresented and/or failed to disclose the following adverse facts: (a) that Imperial Sugar was experiencing a known but undisclosed reduction in customer demand for its products resulting from Mexican and other sugar refiners selling sugar products into IPSUa™s markets at steeply discounted prices; (b) that the decline in Imperial Sugara™s sales volumes during the Class Period was primarily due to a lack of customer demand ensuing from forays by competitors selling lower-priced products into IPSUa™s markets and not due to company refinery production supply constraints; (c) that, as a result of the foregoing, Imperial Sugar was experiencing a significant decline in its gross margins, particularly in the second half of the Class Period; (d) that the companya™s Port Wentworth, Georgia refinery was experiencing ongoing operating defects that resulted in higher production costs and adversely impacted IPSUa™s gross margins; (e) that defendantsa™ representations about Imperial Sugara™s disclosure controls were materially false and misleading; and (f) based on the foregoing, defendants lacked a reasonable basis for their positive statements about Imperial Sugar and its business prospects during the Class Period. On August 5, 2011, Imperial Sugar announced its operating results for the quarter ended June 30, 2011. That same day, the company filed its Form 10-Q with the United States Securities and Exchange Commission for the quarter ended June 30, 2011, which revealed that Imperial Sugara™s industrial sales volumes had declined by more than 40% from the same prior year period.

[ The Briscoe Law Firm, PLLC ] is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

[ Powers Taylor, LLP ] is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.