BENSALEM, Pa., May 16 /PRNewswire/ -- Law Offices of Howard G. Smith announces a June 9, 2008, deadline to move to be a lead plaintiff in the securities class action lawsuit filed on behalf of all persons who purchased or otherwise acquired the common stock of The First Marblehead Corporation ("First Marblehead" or the "Company") between August 10, 2006 and April 7, 2008, inclusive (the "Class Period"). The shareholder lawsuit is pending in the United States District Court for the District of Massachusetts.
The Complaint alleges that the defendants violated federal securities laws by issuing material misrepresentations during the Class Period concerning, among other things, the level of default rates in the Company's portfolio and the default rates' effect on the Company's ability to securitize additional student loan underwritings.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased First Marblehead common stock between August 10, 2006 and April 7, 2008, you have certain rights, and have until June 9, 2008, to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to
