NEW YORK, May 16 – LAWFUEL – The Law News Network — Wolf Popper LLP has filed a
securities fraud lawsuit against MBNA Corp. (“MBNA”) (NYSE: KRB) and certain
of its officers and directors, on behalf of all persons who purchased MBNA
common stock on the open market from January 21, 2005 through April 20, 2005.
The action was filed in the United States District Court for the District of
Delaware. The complaint can be obtained from the Court or viewed on Wolf
Popper’s website (http://www.wolfpopper.com).
The complaint alleges that, beginning on January 21, 2005, defendants made
representations to the market that MBNA was positioned to meet its 10%
earnings per share growth objective for 2005. However, defendants failed to
disclose that MBNA was experiencing higher payment volumes than usual from its
U.S. credit card customers and that such payments would negatively impact
MBNA’s earnings, which would in turn cause MBNA to fall far short of its
earnings per share growth objective.
Defendants’ improper actions were revealed on April 21, 2005, when MBNA
announced that its net profit for the first quarter had plunged 94%.
Defendants further revealed that, despite the fact that defendants had
previously represented that MBNA was poised to achieve its stated growth
target, management now believed that MBNA’s 2005 earnings per share would be
significantly below its 10% growth target.
In response to the April 21, 2005 disclosures, MBNA stock plummeted to
$19.28 per share on extremely heavy volume of 51.8 million shares, as compared
to a closing price of $23.11 the prior day.
Wolf Popper LLP has extensive experience representing shareholders in
class actions and has successfully recovered billions of dollars for defrauded
Class members who desire to be appointed a lead plaintiff in this action
must file a motion with the Court no later than July 5, 2005. Class members
who are interested in serving as a lead plaintiff in this action, or other
persons who have questions or information regarding the prosecution of this
action, are urged to call or write:
Caroline S. Curtiss, Esq. ([email protected]) Wolf Popper LLP 7
845 Third Avenue 7 New York 7 NY 7 10022 7 Tel.: 212.451.9620
Toll Free: 877.370.7703 7 Fax: 212.486.2093 7 Toll Free Fax: 877.370.7704
Email: [email protected]