SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

October 14, 2013 17:12 ET

The First Marblehead Corporation SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Class Action Against The First Marblehead Corporation and Its Board of Directors and Deadline of October 28, 2013 to Seek Lead Plaintiff Position

NEW YORK, NY--(Marketwired - Oct 14, 2013) -  Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the District of Massachusetts on behalf of investors who purchased The First Marblehead Corporation ("First Marblehead" or the "Company") (NYSE: FMD) securities between November 4, 2010 and August 15, 2013.

For more information, click here: http://zlk.9nl.com/the-first-marblehead-corporation/.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (a) the tax treatment for its sale of the Trust Certificate of NC Residuals Owners Trust and similar securities was inappropriate; (b) as a result of the improper tax treatment, First Marblehead was exposed to substantial liability; (c) the Company lacked adequate internal controls; and (d) as a result, First Marblehead's financial statements were misleading during the Class Period.

On August 15, 2013, FMD announced that the tax liability related to its IRS audit would amount to $300 million. In reaction to this adverse news, FMD's stock price fell 36% to close at $1.00 per share the following day.

If you suffered a loss in First Marblehead you have until October 28, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/the-first-marblehead-corporation/

Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 24th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com