NEW YORK, May 30, 2008 (Lawsuit) — Shares of First Marblehead
Corp. (NYSE:FMD) continue to trade in the $3 to $4 dollar range this
week, well off the near $40 price the company’s stock commanded just
seven months ago. First Marblehead share prices have been devastated in
the past year following the Company’s surprise revelations that it was
unable to complete loan securitizations and that its loan guarantor was
no longer able to guarantee First Marblehead’s student loans.
On May 12, 2008, Scott+Scott filed a class action against First
Marblehead and certain of its officers and directors in the U.S.
District Court for the District of Massachusetts. The action is on
behalf of those purchasing First Marblehead common stock during the
period beginning August 10, 2006, to April 7, 2008, inclusive (the
“Class Period”), for violations of the Securities Exchange Act of
1934. The complaint alleges that defendants made false and misleading
statements and material omissions regarding the Company’s business and
operations and that, as a result, the price of the Company’s securities
was inflated during the Class Period, thereby harming investors.
First Marblehead stock purchasers who wish to discuss this action or
have questions concerning this notice or their rights may contact
Scott+Scott LLP (scottlaw@scott-scott.com, (800) 404-7770, (860)
537-5537 or visit the Scott+Scott website, http://www.scott-scott.com)
for more information.
Scott+Scott litigates major securities, antitrust and employee
retirement plan actions throughout the United States, and represents
pension funds, foundations, individuals and other entities worldwide.
