Murray, Frank & Sailer LLP Has Filed a Shareholder Class Action against The First Marblehead Corporation
NEW YORK -- Murray, Frank & Sailer LLP has filed a class action in the United States District Court for the District of Massachusetts on behalf of shareholders who purchased or otherwise acquired the securities of The First Marblehead Corporation ("First Marblehead" or the "Company") (NYSE:FMD) during the period August 9, 2007 through April 8, 2008, inclusive (the "Class Period"). The case has been given Civil Action No. 08cv10618.
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The complaint charges First Marblehead and certain of its officers and directors with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that recently enacted and impending legislation would have a significant negative impact on the Company's business and prospects; and (2) that the Company's student loan guarantor, The Education Resources Institute Inc. ("TERI"), was under-reserved and facing bankruptcy.
If you are a member of the proposed Class, you may move the court no later than June 9, 2008, to serve as a lead plaintiff for the Class. A lead plaintiff is a representative chosen by the Court, who acts on behalf of other class members in directing the litigation.
Murray, Frank & Sailer LLP and its predecessor firms have devoted their practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You may visit our website at http://www.murrayfrank.com/. If you would like to discuss this action, this announcement, or your rights and interests in this litigation, please contact plaintiff's counsel Brian D. Brooks of Murray, Frank & Sailer LLP.
CONTACT: Murray, Frank & Sailer LLP
Brian D. Brooks