WASHINGTON, Feb. 19, 2008 LAWFUEL – Legal Newswire — Finkelstein Thompson LLP has filed a class action lawsuit in the United States District Court for the District of Maryland on behalf of purchasers of Municipal Mortgage & Equity LLC (“MuniMae” or “Company”) (Pink Sheets:MMAB) common stock during the period between May 3, 2004, and January 29, 2008 (the “Class Period”).
MuniMae provides debt and equity financing to developers of multifamily and commercial properties in the United States. The complaint alleges that the Company, and certain of its officers and/or directors, concealed and misrepresented material adverse facts pertaining to MuniMae’s business prospects, financial condition and financial performance. Specifically, the complaint alleges that during the Class Period the Company and the other defendants misled investors concerning the adequacy of the Company’s internal controls and the value and performance of its tax-exempt bond portfolio.
On January 29, 2008, following the close of trading, MuniMae disclosed for the first time that the Company was performing well below expectations and further expected to restate its financial results spanning back to 2004, thereby admitting that its prior reported financial results had been materially misleading. Following this announcement, the Company’s share price plunged over 47% in after-hours trading. The following day, January 30, MuniMae’s share price fell an additional 30%.
Plaintiff seeks to recover damages on behalf of all purchasers of MuniMae common stock during the Class Period and is represented by Finkelstein Thompson LLP. Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in connection with securities and other financial litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, in the past decade, the firm has served leadership roles in cases that have recovered over $1 billion for investors and consumers.
If you wish to serve as lead plaintiff, you must move the Court no later than March 31, 2008. 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). If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Donald J. Enright or Elizabeth K. Tripodi at (877) 337-1050 or (202) 337-8000, or via e-mail at [email protected] To learn more about Finkelstein Thompson LLP, please visit http://www.finkelsteinthompson.com .
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.