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A lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of Federal National Mortgage Association ("Fannie Mae" or the "Company") (NYSE:FNM) between October 16, 2003 and September 22, 2004, inclusive, (the "Class Period"). The lawsuit was filed against Fannie Mae and certain officers and directors ("Defendants").

The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants knew, but actively concealed that the Company employed accounting practices in violation of Generally Accepted Accounting principles in order to maintain a steady earnings progression, that the Company's officers, including the Defendants, committed these violations in order to achieve performance bonuses, and that the Company lacked adequate internal controls and was unable to ascertain its true financial condition.

Additionally, the firm is also conducting an investigation into the Company regarding potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA") in relation to its handling of investments in the Company's employee retirement benefit plan. In particular, the investigation focuses on whether the Company and certain plan administrators breached their fiduciary duties by negligently misrepresenting and failing to disclose material facts to the plan and the participants and permitting the plan to hold Fannie Mae stock when it was imprudent to do so.

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.