NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm today announced that a class action lawsuit has been filed on behalf of all purchasers of the securities of First Marblehead Corp. (NYSE:FMD) between November 4, 2010 and August 15, 2013.
To join the FMD class action, go to the website at http://rosenlegal.com or call Phillip Kim, Esq. or Jonathan Horne, Esq. toll-free at 866-767-3653 or e-mail firstname.lastname@example.org or email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, First Marblehead issued false and misleading statements in violation of the federal securities laws. Specifically, defendants materially misstated and/or failed to disclose that (a) the tax treatment for its sale of Trust Certificate and similar securities was inappropriate; (b) FMD was exposed to substantial liability as a result of the improper tax treatment; (c) FMD lacked adequate internal controls; and (d) as a result, FMD’s financial statements were misleading during the Class Period.
On August 15, 2013, FMD announced that the tax liability related to its IRS audit would amount to $300 million.. In reaction to this adverse news, FMD’s stock price fell $0.57 per share or 36.0% to close at $1.00 per share on August 16, 2013.
A class action lawsuit has already been filed on behalf of FMD investors. If you wish to serve as lead plaintiff, you must move the Court no later than October 28, 2013. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Jonathan Horne of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm focuses on prosecuting securities class action litigation and actions involving financial fraud. The Rosen Law Firm represents investors throughout the globe concentrating its practice in securities class actions.