HARTFORD, Conn., May 12 – LAWFUEL – The Law News Network — The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in
prosecuting claims of securities fraud, announces that a lawsuit seeking class
action status has been filed in the United States District Court for the
District of Delaware on behalf of all persons who purchased the publicly
traded securities of MBNA Corp. (NYSE: KRB) (“MBNA”) between January 20, 2005
and April 20, 2005 (the “Class Period”).
The Complaint alleges that MBNA violated federal securities laws by making
materially false or misleading public statements. Specifically, the Complaint
alleges that MBNA’s projection of 10% annual income was improper. On April
21, 2005, MBNA announced that its first-quarter income was down 93% percent
year-over-year, including a one-time restructuring charge, making it highly
unlikely that MBNA would be able to achieve 10% annual income growth. The
reduced earnings included a $207 million write-down of MBNA’s “interest-only
strip receivable,” which is a measure of anticipated credit-card interest
payments that is supposed to be adjusted on an ongoing basis. On this news,
shares of MBNA fell from a close of $23.11 on April 20, 2005, to close at
$19.28 on April 21, 2005.
If you are a member of the class, you may, no later than July 5, 2005,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery is
not affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the
overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s).
For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at
sn06106@aol.com. To view a copy of the Complaint initiating the class action,
which was not filed by Schatz & Nobel, or for more information about this
case, class action cases in general, or Schatz & Nobel, please visit our
website: http://www.snlaw.net.
CONTACT:
Wayne T. Boulton or Nancy A. Kulesa
Tel.: (800) 797-5499
Website: http://www.snlaw.net
e-mail: sn06106@aol.com
Web Site: http://www.snlaw.net
