| Company: | Fannie Mae |
| Ticker Symbol: | NYSE: FNM |
| Class Period: | April 17, 2001 to September 22, 2004 |
| Date Filed: | Mar-25-05 |
| Lead Plaintiff Deadline: | May-24-05 |
| Court: | District, DC |
| Allegations: |
A securities fraud class action lawsuit has been filed in the District of Columbia federal court on behalf of those persons and entities who purchased "call" options or sold "put" options in the common stock of Federal National Mortgage Association ("Fannie Mae") (NYSE:FNM) between April 17, 2001 and September 22, 2004. A consolidated class action was previously filed in District of Columbia federal court on behalf of purchasers of Fannie Mae common stock during this same period, but excluded option traders.
After an extensive investigation into Fannie Mae's accounting practices, the Office of Federal Housing Enterprise Oversight ("OFHEO") and the Securities and Exchange Commission ("SEC") uncovered serious improprieties in Fannie Mae's 2001 through mid-2004 financial statements. The OFHEO and SEC have ordered Fannie Mae to restate those financial statements in accordance with generally accepted accounting principles. As a result, Fannie Mae will have to restate approximately $12 billion in revenue for this period.
The Complaint alleges that Fannie Mae and its top officers violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934. Defendants issued numerous public statements in which they misrepresented or failed to disclose the true picture of Fannie Mae's financial condition.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
After an extensive investigation into Fannie Mae's accounting practices, the Office of Federal Housing Enterprise Oversight ("OFHEO") and the Securities and Exchange Commission ("SEC") uncovered serious improprieties in Fannie Mae's 2001 through mid-2004 financial statements. The OFHEO and SEC have ordered Fannie Mae to restate those financial statements in accordance with generally accepted accounting principles. As a result, Fannie Mae will have to restate approximately $12 billion in revenue for this period.
The Complaint alleges that Fannie Mae and its top officers violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934. Defendants issued numerous public statements in which they misrepresented or failed to disclose the true picture of Fannie Mae's financial condition.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If you are a current or former employee of this company, and have 401(k) shares, please use this form to register your complaint. Thank you.
