Notice of Class Certification in the Impac Mortgage Holdings, Inc. Class Action

BALTIMORE, Sept. 19, 2022 /PRNewswire/ -- The following statement is being issued by Tydings & Rosenberg LLP regarding the Impac Mortgage Holdings, Inc. Class Action:

SUMMARY OF THE TERMS OF THE CLASS CERTIFICATION ORDER

TO:    ALL PERSONS AND ENTITIES WHO HELD OR ACQUIRED SERIES B PREFERRED STOCK OF IMPAC MORTGAGE HOLDINGS INC. (TICKER SYMBOL: IMPHP) AT ANY TIME FROM THE CLOSE OF THE TENDER OFFER ON JUNE 29, 2009 UNTIL THIS ACTION IS FINALLY CONCLUDED.

PLEASE READ THIS SUMMARY OF THE NOTICE CAREFULLY AND IN ITS ENTIRETY.  YOUR RIGHTS WILL BE AFFECTED BY THE LEGAL PROCEEDINGS IN THIS LITIGATION.

The Order Certifying Class and Providing for Class Notice and Final Hearing, dated July 22, 2022, as amended on August 8, 2022 (the "Class Certification Order") has been filed with the Court and is available for your inspection.  The following is only a summary of its terms.  The Court has:

a.  Certified the Action as a non-opt-out class action, meaning that Class members will be bound by the Final Judgment entered in the Action.

b.  Certified the Action as a class action pursuant to Maryland Rule 2-231(c)(2), on behalf of a class consisting of:

All owners of Series B Preferred stock of Impac Mortgage Holdings, Inc. from the close of the tender offer on June 29, 2009, until the date that the Final Judgment issued in this action attains finality.  The Final Judgment will attain finality (a) thirty-one days after it is entered by the Clerk if no post-judgment motions and no appeals are filed; (b) thirty-one days after resolution of any post-judgment motions if no appeals are filed; or (c) after final resolution of any appeals, whichever date is latest.

c.  Designated Camac Fund LP ("Camac") as the Class Representative and designated Camac's counsel, Tydings & Rosenberg LLP, John B. Isbister, and Daniel S. Katz, as Class Counsel.

d.  Provided deadlines for the Class Representative and Class Counsel to file a petition for award of attorneys' fees and expenses, including the expense of providing Class Notice.

e.  Provided deadlines for plaintiff Curtis J. Timm to file a petition for award of attorneys' fees and expenses and any other special individual monetary relief.

f.  Provided the means by which notice is being provided to the Class, including deadlines for Class members to file any objections to the proposed Final Judgment.

g.  Required defendant Impac Mortgage Holdings, Inc. ("Impac") to establish a record date of August 15, 2022 for payment of the amount equal to Series B Preferred Stock dividends at 9.375% interest for the quarters ending June 30, 2009, September 30, 2009, and December 31, 2009 (the "2009 Dividend Amount"), which amount the parties agree is $1,169,985.94, and to pay that amount into the registry of the Court to be held pending final resolution of all issues and final determination by the Court of the appropriate distribution of those funds.¹

h.  Determined preliminarily and subject to final determination after consideration of any objections by any Class members that the 2009 Dividend Amount, less any deductions allowed by the Court, shall be paid to the owners of Series B Preferred stock as of the August 15, 2022 record date.

i.  Scheduled a Final Hearing on December 5, 2022, at 2:00 p.m., to consider all remaining issues and to enter a Final Judgment.

IF YOU HAVE ANY QUESTIONS ABOUT THE CLASS NOTICE, THIS ACTION, THE PROPOSED FINAL JUDGMENT, OR THE FINAL HEARING, YOU SHOULD CONSULT YOUR OWN COUNSEL OR DIRECT THEM TO PLAINTIFFS' CLASS COUNSEL, JOHN B. ISBISTER, DANIEL S. KATZ, OR TYDINGS & ROSENBERG LLP, IN THIS ACTION.  PLEASE DO NOT CONTACT THE CLERK OF THE COURT.

THE CLASS NOTICE WAS APPROVED BY THE CIRCUIT COURT FOR BALTIMORE CITY, JUDGE LAWRENCE P. FLETCHER-HILL, FOR USE IN PROVIDING NOTICE TO MEMBERS OF THE PLAINTIFF CLASS.

THIS IS ONLY A SUMMARY.  FOR THE COMPLETE NOTICE, WHICH INCLUDES DETAILS ABOUT YOUR RIGHT TO FILE AN OBJECTION, THE MANNER OF DOING SO, AND THE CONSEQUENCES OF NOT DOING SO, PLEASE VISIT WWW.IMPACMORTGAGEHOLDINGSSERIESBPREFERREDCLASSACTION.COM OR HTTPS://IR.IMPACCOMPANIES.COM/SERIES-B-PREFERRED-CLASS-ACTION OR CONTACT THE NOTICE ADMINISTRATOR AT [email protected] OR CLASS COUNSEL AT [email protected].

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¹ This amount was paid into the registry of the Court on August 18, 2022.

SOURCE Tydings & Rosenberg LLP