Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of The First Marblehead Corporation (“First Marblehead” or the “Company”) (NYSE: FMD) securities during the period between November 4, 2010 and August 15, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in The First Marblehead Corporation securities purchased on or after November 4, 2010 and held through the revelation of negative information on August 15, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 28, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company stock during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s tax treatment for its sale of the trust certificate of NC Residuals Owners Trust (“Trust Certificate”) and similar securities was inappropriate and threatened the viability of the Company. According to the complaint, following the Company’s August 15, 2013 disclosure that the proposed tax liability related to the Internal Revenue Service’s audit of the Trust Certificate would amount to $300 million, more than the Company’s reported cash on hand and nearly double its market capitalization, the value of First Marblehead shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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