HARTFORD, Conn., Jan. 31, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard 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 Southern District of New York on behalf of all persons who purchased the common stock of Municipal Mortgage & Equity, LLC ("MMA" or the "Company") (NYSE:MMA) between January 30, 2003 and January 28, 2008, inclusive (the 'Class Period').
The Complaint alleges that MMA and certain of its officers and directors violated federal securities laws by issuing a series of materially false and misleading statements pertaining to MMA's business prospects, financial condition, and financial performance. Specifically, during the Class Period, defendants misrepresented the true financial condition and operations of MMA by issuing numerous false and misleading statements concerning the adequacy of the Company's internal controls and the value and performance of its tax-exempt bond portfolio.
On January 28, 2008, MMA announced that it was slashing its dividend and would again delay the filing of its restated financials. Before the market opened the following day, the Company disclosed that the previously announced restatement would impact an even greater portion of the Company's business. On this news, the Company's stock fell to a close of $9.19 per share, on January 29, 2008, or 46% below the prior day's close of $17.20.
If you are a member of the class, you may, no later than March 31, 2008, 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).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.