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The First Marblehead Corporation Summary: On November 28, 2008, an Amended Class Action Complaint was filed by the plaintiffs.
On August 28, 2008, the Court entered the Order consolidating the action under Lead Case No. 08-10612-JLT and appointing Pembroke Pines Fire and Police Pension Fund and Universal-Investment-Gesellschaft MBH as Lead Plaintiff and the law firm of Motley Rice LLP as Lead Counsel.
The lawsuit claims that First Marblehead and a number of individual defendants violated Sections 10(b) and 20(a) of the Exchange Act, 15 U.S.C. Sections 78j (b) and 78t(a) and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission ("SEC"), 17 C.F.R. Section 240.10b-5.
According to the complaint, the defendants made materially false and misleading statements about the performance and quality of First Marblehead's securitizations in SEC filings and other statements to the investing public. Among other things, First Marblehead misrepresented the level of default rates in its portfolio and the default rates' effect on the Company's ability to securitize additional student loan underwritings. The complaint also states that First Marblehead recklessly disregarded that its student loan guarantor, The Education Resources Institute, was under-reserved and unable to adequately insure student loans underwritten by the Company. The guarantor filed for bankruptcy protection on April 7, 2008.
INDUSTRY CLASSIFICATION:
SIC Code: 6141
Sector: Financial
Industry: Consumer Financial Services
| COMPANY/ISSUER NAME: | The First Marblehead Corporation |
| COMPANY/ISSUER TICKER: | FMD |
| COMPANY WEBSITE: | http://www.firstmarblehead.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Stephen E. Keller, et al. v. The First Marblehead Corporation, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 4/10/2008 | ||
| Order | |||
| Type: Order | Date on the document: 8/28/2008 | ||
| Order | |||
| Type: Order | Date on the document: 8/28/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 8/28/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| In Re The First Marblehead Corporation | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Amended Class Action Complaint | |||
| Type: Complaint | Date on the document: 11/28/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Charles J. Byrne, et al. v. The First Marblehead Corporation, et al. | |||
| Type: Complaint | Date on the document: 4/18/2008 | ||
| Class Action Complaint For Violations Of Federal Securities Law Jury Trial Demanded | |||
| Case Name and/or Number: Robert M. Largent, et al. v. The First Marblehead Corporation, et al. | |||
| Type: Complaint | Date on the document: 5/12/2008 | ||
| Verified Shareholder Derivative Complaint For Breach Of Fiduciary Duty, Waste Of Corporate Assets, Unjust Enrichment And Violations Of The Securities Exchange Act Of 1934 | |||
| Case Name and/or Number: Christopher Carmona, et al. v. The First Marblehead Corporation, et al. | |||
| Type: Complaint | Date on the document: 5/14/2008 | ||
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