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make it stop!

It would be one thing if we were making this stuff up, or repeating the same thing, but all of these class action lawsuit claims  against the First Marblehead Corporation are original, and seemingly never-ending. If we weren’t being viciously sued by Dan Meyers, the founder of First Marblehead, we wouldn’t even bother with these things. But as long as he insists on continuing with his vendetta against us , (along with a certain Drew Freides, a key “witness” against us), we’re going to continue to share every story that we find about him, including this, this and this. And there is more than we haven’t shared. And if necessary, we most certainly will.

NEW YORK, Sep 11, 2013 Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of those who purchased shares of The First Marblehead Corporation (“First Marblehead” or the “Company”) FMD, during the period between November 4, 2010 and August 15, 2013, inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and financial performance. Specifically, the Complaint alleges that: (1) the Company’s tax treatment for its sale of the Trust Certificate and similarly situated securities was inappropriate; (2) such treatment exposed the Company to significant liability, threatening the future viability of the Company; (3) the Company lacked adequate internal controls over financial reporting; and (4) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.

 

NEW YORK September 10, 2013  Newman Ferrara LLP announces that a class action lawsuit has been filed in the Unites States District Court, District of Massachusetts against The First Marblehead Corp. (“FMD”) (Nasdaq:FMD) and certain of its executive officers, alleging violations of federal securities laws.

Investors who purchased FMD securities between November 4, 2012 and August 15, 2013 (the “Class Period”) may apply with the Court to be appointed Lead Plaintiff no later than October 28, 2013. The Lead Plaintiff will direct the litigation on behalf of the other class members.

On August 15, 2013, FMD issued a press release announcing that its tax liability would amount to $300 million, greatly exceeding FMD’s cash on hand. Following this announcement, FMD’s stock lost more than a third of its value, falling to $1.00 per share on August 16, 2013.

The Complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements, as well as failed to disclose that: (1) FMD’s tax treatment for its sale of the Trust Certificate and similarly situated securities was inappropriate; (2) such treatment exposed FMD to significant liability, threatening FMD’s future viability; (3) FMD lacked adequate internal controls over financial reporting; and (4) as a result of the foregoing, FMD’s financial statements were materially false and misleading at all relevant times.

Investors who purchased shares of FMD stock during the Class Period may contact Newman Ferrara attorney Jeffrey M. Norton (jnorton@nfllp.com) by email or call (212) 619-5400 to discuss this lawsuit or the Lead Plaintiff process.

 

September 11th, 2013

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