INVESTIGATIVE NOTICE: MURRAY, FRANK & SAILER LLP IS INVESTIGATING A POSSIBLE SHAREHOLDER CLASS ACTION AGAINST MBNA CORP. - KRB
New York, NY - May 6, 2005 - Murray, Frank & Sailer LLP is investigating a possible shareholder class action on behalf of anyone who purchased or otherwise acquired securities of MBNA Corp. (NYSE: KRB) between January 20, 2005, and April 21, 2005, inclusive (the "Class Period").
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The investigation focuses on allegations that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period, which statements had the effect of artificially inflating the market price of the Company's securities.
As a result of these false statements, the company’s stock traded at inflated levels during the Class Period which allowed the Company's officers and directors to sell more than $75 million worth of their own shares. Following the Company's April 21, 2005 disclosures concerning its business operations, financial results and reduced 2005 earnings expectations, the Company's stock price dropped from its closing price of $23.11 on the close of April 20, 2005 to below $19 per share on usually high trading volume of 51 million shares.
If you would like to discuss this announcement, or your rights and interests, please contact Eric J. Belfi of Murray, Frank & Sailer LLP at [email protected].