Municipal Mortgage & Equity, LLC - Securities Class Action

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Stanford Law School

Municipal Mortgage & Equity, LLC Summary: 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.

On March 31, 2008, several motions to appoint lead plaintiffs, counsels and to consolidate cases were filed by different groups and individuals. By the Conditional Multidistrict Litigation Transfer Order, dated August 18, 2008, five class actions and five derivative suits were transferred to the United States District Court for the District of Maryland for coordinated or consolidated pretrial proceedings.

On August 27, 2008, Judge Marvin J. Garbis signed the Memorandum and Order consolidating all the Class Actions proceedings with the Derivative Suit proceedings. Further, the Court concludes that the lead plaintiffs shall be the members of the Yates Group together with Plaintiff William D. Felix from the Kremser Group. The Court concludes that the firms of Berger & Montague, P.C. and Brower Piven, A Professional Corporation, shall serve as co-lead counsel. Berger & Montague shall have principal responsibility for Class members asserting claims under the Securities Exchange Act of 1934 and Bower Piven shall have responsibility for Class members asserting claims under the Securities Act of 1933. The Court further concludes that Charles J. Piven, Esquire, shall serve as Class Action plaintiffs' liaison counsel.

On September 3, 2008, the judge consolidated the Derivative Actions and appointed lead plaintiff and lead counsel. On December 5, 2008, the lead plaintiffs in the Class Action suit filed a Consolidated and Amended Class Action Complaint. The lead plaintiffs in the Derivative Action filed their complaint on December 12, 2008. On March 12, 2009, the defendants filed three motions to dismiss the Consolidated and Amended Class Action Complaint. The motions are currently pending before the Court.

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.

COURT: S.D. New York	DOCKET NUMBER: 08-CV-00980
JUDGE NAME: Hon. Richard M. Berman
DATE FILED: 01/30/2008	SOURCE: Notice of Filing
CLASS PERIOD START: 01/30/2003	CLASS PERIOD END: 01/28/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Abbey Spanier Rodd Abrams & Paradis, LLP (New York) 212 East 39th Street, New York, NY, 10016 (voice) 212-889-3700, (fax) 212-684-519, info@abbeyspanier.com Brodsky & Smith, LLC (former Pennysylvania) 11 Bala Avenue, Suite 39, Bala Cynwyd, PA, 19004 (voice) 610.668.7987, (fax) 610.660.0450, esmith@Brodsky-Smith.com Brower Piven (Baltimore) The World Trade Center-Baltimore. 401 East Pratt Street, Suite 2525, Baltimore, MD, (voice) 410.332.0030, (fax) 410.685.1300, info@browerpiven.com Coughlin Stoia Geller Rudman & Robbins LLP (Melville) 58 South Service Road, Suite 200, Melville, NY, 11747 (voice) 631.367.7100, (fax) 631.367.1173, info@csgrr.com/ Finkelstein Thompson LLP (Washington D.C.) The Duvall Foundry, 1050 30th Street, N.W., Washington, DC, 20007 (voice) 202.337.8000, (fax) 202.337.8090, contact@finkelsteinthompson.com Kahn Gauthier Swick, LLC (NY) 12 East 41st Street, 12th Floor, New York, NY, 10016 (voice) 212.920.4310, (fax) 212.696.3730, info@kglg.com Lockridge, Grindal, Nauen P.L.L.P. Suite 301, 660 Pennsylvania Avenue Southeast, Washington, DC, 20003-4335 (voice) 202.544.9840, (fax) 202.544.9850, Pomerantz Haudek Block Grossman & Gross LLP (New York) 100 Park Avenue, 26th Floor, New York, NY, 10017-5516 (voice) 212.661.1100, (fax) 212.661.8665, info@pomerantzlaw.com/ Schiffrin Barroway Topaz & Kessler, LLP (Radnor) 280 King of Prussia Road, Radnor, PA, 19087 (voice) 610.667.7706, (fax) 610.667.7056, info@sbtklaw.com The Rosen Law Firm, P.A. (New York) 350 Fifth Avenue, Suite 5508, New York, NY, 10118 (voice) 212.686.1060, (fax) 212.202.3827, lrosen@rosenlegal.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 10

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint - Jury Trial Demanded
Type: Complaint		Date on the document: 01/30/2008
Transfer Order
Type: Court Transfer Order		Date on the document: 08/18/2008
U.S. District Court Civil Docket
Type: Docket		Date on the document: 04/27/2009

REFERENCE COMPLAINT

In Re: Municipal Mortgage & Equity, LLC, Securities and Derivative Litigation

COURT: D. Maryland	DOCKET NUMBER: 08-MD-01961
JUDGE NAME:
DATE FILED: 12/12/2008	SOURCE: Docket
CLASS PERIOD START: 05/03/2004	CLASS PERIOD END: 01/29/2008
TYPE OF COMPLAINT: First Amended and Consolidated
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Berger & Montague PC 1622 Locust Street, Philadelphia, PA, 19103 (voice) 800.424.6690, (fax) 215.875.4604, investorprotect@bm.net Brower Piven (New York) 488 Madison Avenue. Eighth Floor, New York, NY, 10022 (voice) 212.501.9000, (fax) 212.501.0300, info@browerpiven.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
Memorandum And Order Re: Lead Plaintiff
Type: Order Appointing LP/LC		Date on the document: 08/27/2008
Memorandum And Order Re: Consolidation And Lead Counsel
Type: Order of Consolidation		Date on the document: 09/03/2008
Consolidated And Amended Class Action Complaint
Type: Complaint		Date on the document: 12/05/2008
Verified Shareholder Consolidated Amended Derivative Complaint
Type: Complaint		Date on the document: 12/12/2008
U.S. District Court Civil Docket
Type: Docket		Date on the document: 11/09/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 03/08/2011

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
U.S. District Court Civil Docket
Case Name and/or Number: Gelmis, et al. v. Cole, et al.
Type: Docket		Date on the document: 05/29/2009

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