In this league, apparently late hits are legal. Won’t it be fascinating to find out what isn’t legal in this case? This news courtesy of Dan Meyers and the First Marblehead Corporation.
Milberg LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of The Fist Marblehead Corporation (“First Marblehead” or the “Company”) (NYSE:FMD) stock during the period between November 4, 2010 and August 15, 2013, (the “Class Period”).
Milberg LLP has created a website (www.FMDLawsuit.com) to answer questions about shareholder class actions.
The lawsuit is pursuant to the Securities Exchange Act of 1934, and alleges that First Marblehead made false and/or misleading statements concerning: (1) its tax treatment for the sale of the Trust Certificate; (2) this exposed the Company to significant liability; and (3) the Company lacked adequate internal financial reporting controls.
On August 15, 2013, First Marblehead disclosed a tax liability of $300 million, more than the Company’s cash on hand, and nearly double its market capitalization. On this news, First Marblehead shares declined $0.57 per share or over 36%, to close at $1.00 per share on August 16, 2013.
If you purchased First Marblehead shares during the Class Period you may, no later than October 28, 2013, request that the Court appoint you lead plaintiff. A lead plaintiff is a class member that directs the litigation. You do not need to be a lead plaintiff to recover in the action. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaints in these actions were not filed by Milberg.
September 19th, 2013