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Municipal Mortgage & Equity, LLC Summary: On March 31, 2008, several motions to appoint lead plaintiffs, counsels and to consolidate cases were filed by different groups and individuals.
According to a press release dated January 31, 2008, the complaint charges that MMA and certain of its present and former officers, directors, and control persons violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements pertaining to MMA's business prospects, financial condition, and financial performance.
The lawsuit charges that, during the Class Period, the Company and its officers and directors, caused to be issued 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. The Complaint alleges that defendants failed to disclose and misrepresented the true financial condition and operations of the Company.
On January 28, 2008, the Company 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. As a result of these disclosures, the Company's stock opened for trading at $12.33 per share and closed at $9.19 per share, or 46% below the prior day's close.
A similar, purported class action complaint was also filed in the U.S. District Court for the District of Maryland with class period between May 3, 2004 to January 29, 2008.
INDUSTRY CLASSIFICATION:
SIC Code: 6500
Sector: Financial
Industry: Consumer Financial Services
| COMPANY/ISSUER NAME: | Municipal Mortgage & Equity, LLC |
| COMPANY/ISSUER TICKER: | MMA |
| COMPANY WEBSITE: |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Joseph F. Gelmis, et al. v. Municipal Mortgage & Equity, LLC, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 01/30/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 5/14/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: F. Richard Manson, et al. v. Municipal Mortgage & Equity, LLC, et al. | |||
| Type: Complaint | Date on the document: 01/31/2008 | ||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Paul Engel, et al. v. Municipal Mortgage & Equity, LLC, et al. | |||
| Type: Complaint | Date on the document: 02/01/2008 | ||
| Class Action Complaint for Violations of Federal Securities Laws | |||
| Case Name and/or Number: Jules Rothas, et al. v. Municipal Mortgage & Equity, LLC, et al. | |||
| Type: Complaint | Date on the document: 02/04/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Arnold J. Ross, et al. v. Municipal Mortgage & Equity, LLC, et al. | |||
| Type: Complaint | Date on the document: 02/08/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Alex D'Angelo, et al. v. Municipal Mortgage & Equity, LLC, et al. | |||
| Type: Complaint | Date on the document: 02/11/2008 | ||
| Class Action Complaint for Violations of the Federal Securities Laws - Demand for Jury Trial | |||
| Case Name and/or Number: Naomi Raphael, et al. v. Municipal Mortgage & Equity, LLC, et al. | |||
| Type: Complaint | Date on the document: 03/05/2008 | ||
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