SOURCE: Johnson & Perkinson

March 06, 2008 14:47 ET

Johnson & Perkinson Announces Commencement of Class Action Litigation Naming MBIA, Inc.

SOUTH BURLINGTON, VT--(Marketwire - March 6, 2008) - Johnson & Perkinson hereby announces the commencement of a class action lawsuit naming MBIA, Inc. ("MBIA" or the "Company") (NYSE: MBI). The action, docket numbered 08-CV-02641, was filed in the United States District Court for the Southern District of New York. Individuals, families, trusts or other entities that purchased MBIA common stock from January 30, 2007 through January 9, 2008, inclusive, have the opportunity to participate as Lead Plaintiffs in the currently pending class action litigation against the Company. To do so, you must apply to serve in that capacity by March 11, 2008.

Johnson & Perkinson, a litigation boutique law firm based in South Burlington, Vermont, has extensive experience prosecuting investor class actions and actions involving financial fraud. Attorneys Johnson and Perkinson are both former employees of the Securities and Exchange Commission. Dedicated to maximizing shareholder return, members of Johnson & Perkinson have prosecuted complex class actions alleging securities or consumer fraud/deception on behalf of investors/consumers against numerous public companies since 1985, resulting in the recovery of many hundreds of millions of dollars, and have been singled out for excellence by various courts. The firm is litigating, or has recently resolved litigation, as Lead or Co-Lead Counsel in securities class actions against Xerox, Priceline, Wireless Facilities, i2 and Xchange, and serves on the Executive Committee in the Global Crossing case.

The Complaint charges that MBIA and certain of its officers and directors violated federal securities laws by issuing false and misleading press releases, financial statements, SEC filings and other public statements. Specifically, Defendants misrepresented and/or failed to disclose the true extent of MBIA's exposure to losses stemming from MBIA's insurance of residential mortgage backed securities ("RMBS"). This exposure was finally disclosed in a series of public statements beginning on December 19, 2007 and ending on January 9, 2008, the last day of the Class Period.

If you wish to discuss this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Johnson & Perkinson attorneys James F. Conway, III or Eben F. Duval toll free at 1-888-459-7855; via email at email@jpclasslaw.com; through our website at www.jpclasslaw.com; or by mail at Johnson & Perkinson, 1690 Williston Road, P.O. Box 2305, South Burlington, Vermont 05403. Attorneys at Johnson & Perkinson can help you decide if seeking appointment as a Lead Plaintiff is right for you. Your ability to share in any recovery is not affected by your decision to not seek appointment as a Lead Plaintiff.

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