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livin’ (perhaps a bit too) large

So this is what all the class action suit complaints are about against Dan Meyers and his First Marblehead  company. Violation of Federal Securities Laws? Wow, it doesn’t look very good, does it?

Of course you know this is the same guy who is suing us for defamation, right? And did you know that Meyers’ fellow NYYC member (and SDYC member) Drew Friedes is witnessing for Meyers against us? Next time any of you see Friedes, be sure to ask him what his involvement actually is. It is a beauty.  ”Expertise you can count on”, right Drew?

Here’s an excerpt of the Class Action Complaint:

By virtue of their positions at First Marblehead, defendants had actual knowledge of the materially false and misleading statements and material omissions alleged herein and intended thereby to deceive Plaintiff and the other members of the Class, or, in the alternative, defendants acted with reckless disregard for the truth in that they failed or refused to ascertain and disclose such facts as would reveal the materially false and misleading nature of the statements made, although such facts were readily available to defendants.

Said acts and omissions of defendants were committed willfully or with reckless disregard for the truth. In addition, each defendant knew or recklessly disregarded that material facts were being misrepresented or omitted as described above.74. Information showing that defendants acted knowingly or with reckless disregard for the truth is peculiarly within defendants’ knowledge and control.

As the senior managers and/or directors of First Marblehead, the Individual Defendants had knowledge of the details of First Marblehead internal affairs.

Read it all here.

 

September 12th, 2013

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