HARTFORD, Conn., Jan. 21, 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 MBIA, Inc. ("MBIA" or the "Company") (NYSE:MBI) between January 30, 2007 through January 9, 2008, inclusive (the "Class Period").
The Complaint charges that MBIA and certain of its officers and directors violated federal securities laws by issuing false and misleading press releases, financial statements, SEC filings and other public statements. Specifically, Defendants misrepresented and/or failed to disclose the true extent of MBIA's exposure to losses stemming from MBIA's insurance of residential mortgage backed securities ("RMBS"). This exposure was finally disclosed in a series of public statements beginning on December 19, 2007 and ending on January 9, 2008, the last day of the Class Period.
If you are a member of the class, you may, no later than March 11, 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.