Nine class action lawsuits have been filed against Scottish Re Group Ltd. alleging security violations .

The law firms have filed their complaints in the past week on behalf of investors who bought Scottish Re securities between December 16, 2005 to July 28, 2006. Each complaint generally alleges violations of federal securities laws, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price.

Defendants are Scottish Re Group Ltd., Glenn Schafer, who is the firm's Chairman; Scott E. Willkomm, a former CEO; Dean E. Miller, Chief Financial Officer; and Seth Vance, CEO of Scottish Holdings Inc.

The filing of the first suit came just two days after the Bermuda-based life annuity reinsurer's share price plunged 75 percent.

On July 31, more than 36 million Scottish Re shares traded hands yon the New York Stock Exchange after Scottish Re projected a second quarter loss of $124 million and said that Scott Willkomm had resigned as president and chief executive officer. The company also cut its earnings expectations for the next two quarters, due mostly to writing down assets linked to prepaid taxes and announced it had engaged investment bankers to assist with evaluating strategic alternatives and potential sources of capital and

Scottish Re's bad news for investors came the same day the Wall Street Journal that trusts held by Dallas' Wyly family, which were used to set up Scottish Re in 1998, were being invested by as part of a US Senate probe into offshore tax evasion and money laundering.