| Company: | The First Marblehead Corporation |
| Ticker Symbol: | NYSE:FMD |
| Class Period: | August 9, 2007 to April 8, 2008, |
| Date Filed: | April-11-08 |
| Lead Plaintiff Deadline: | June-09-08 |
| Court: | District, MA |
| Allegations: |
A class action lawsuit has been filed 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.
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.
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.
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.
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.
