SOURCE: Dyer & Berens LLP

May 13, 2008 13:39 ET

INVESTOR ALERT: Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Purchasers of The First Marblehead Corporation Common Stock Between 8/10/06 and 4/7/08 (NYSE: FMD)

DENVER, CO--(Marketwire - May 13, 2008) - Dyer & Berens LLP (www.berenslaw.com) today announced that it has filed a class action lawsuit on behalf of purchasers of the common stock of The First Marblehead Corporation ("First Marblehead" or the "Company") (NYSE: FMD) between August 10, 2006 and April 7, 2008, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the District of Massachusetts.

If you are a purchaser of First Marblehead common stock, you may have the legal right to petition the court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made on or before June 9, 2008. If you are a First Marblehead investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Jeffrey A. Berens, Esq. at 1-888-300-3362, 303-861-1764 or via email at jeff@dyerberens.com.

According to the complaint, First Marblehead and the other defendants issued materially false and misleading statements to the market that misrepresented and failed to disclose: (a) that the loans underlying the Company's bonds were experiencing increasing default rates; (b) that the guarantor of those loans -- TERI -- did not have the money to buy all of the loans that were in default; (c) that the Company lacked adequate internal and financial controls; and (d) that as a result of the foregoing, banks would look elsewhere to package their loans, which would have a negative impact on First Marblehead's business and operations.

Dyer & Berens LLP specializes in complex class action litigation on behalf of injured investors throughout the nation. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. Its attorneys have served as lead or liaison counsel in many securities fraud class actions, including: In re Qwest Comm'ns Int'l Sec. Litig.; Croker v. Carrier Access Corp.; UFCW Local 880-Retail Employers Joint Pension Fund v. Newmont Mining Corp.; Rasner v. FirstWorld Comm'ns, Inc.; In re ICG Comm'ns Sec. Litig.; Angres v. Smallworldwide, PLC; In re Ultimate Electronics, Inc. Sec. Litig.; Kerns v. SpectraLink Corp.; Queen Uno Ltd. v. Coeur d'Alene Mines Corp.; Toothman v. One-Stop Wireless of America; and In re Tele-Communications, Inc. Sec. Litig.

Contact Information

  • Contact:

    Jeffrey A. Berens, Esq.
    Dyer & Berens LLP
    682 Grant Street
    Denver, CO 80203
    Tel: 888-300-3362 or 303-861-1764
    Email: Email Contact