In Re Imperial Credit Industries, Inc. Securities Litig.

ORDER GRANTING DEFENDANTS’ MOTION FOR SUMMARY JUDGMENT; FINDINGS OF FACT AND CONCLUSIONS OF LAW

This matter is before the Court on the Motion for Summary Judgment (the “Mo tion”) by Defendants Imperial Credit Industries, Inc. (“ICII”), H. Wayne Snavely (“Snavely”), Stephen J. Shugerman (“Shugerman”), Kevin E. Villani (“Villani”) and Brad S. Plantiko (“Plantiko”) (collectively, “Defendants”). For the reasons stated herein, the Court GRANTS Defendants’ Motion SVW.

FINDINGS OF FACT

1. This is a securities fraud class action alleging claims under Sections 10(b) and 20(a) of the 1934 Securities Exchange Act 220 15 U.S.C. §§ 78j(b) & 78t(a). [# 100].

2. The plaintiff class consists of, with certain exceptions, all persons who purchased securities (including both common stock and bonds) issued by Defendant Imperial Credit Industries, Inc. (“ICII”) during the period from January 27, 1998 through October 1, 1998 (the “Class Period”). [# 100, ¶¶ 1, 203].

3. Defendants are ICII, H. Wayne Snavely (“Snavely”), Stephen J. Shuger-man (“Shugerman”), Kevin E. Villani (“Vil-lani”) and Brad S. Plantiko (“Plantiko”). The individual Defendants were officers and/or directors of ICII during the…