MINNEAPOLIS, March 7, 2008 (PRIME NEWSWIRE) -- Lockridge Grindal Nauen P.L.L.P. filed a class action suit in the United States District Court for the District of Maryland on behalf of all persons who purchased the securities of Municipal Mortgage & Equity, LLC ("MuniMae" or the "Company") (NYSE:MMA) between May 3, 2004 and January 29, 2008, inclusive (the "Class Period") against MuniMae and certain of its officers and directors for violations of the Securities Exchange Act of 1934.
According to the Complaint, on March 10, 2006, MuniMae issued a press release disclosing that the Company would be restating more than three years of earnings and that the Company would delay the filing of its Form 10-K for fiscal 2005. According to this press release, the restatement was needed to correct accounting errors related to: "1) recognition of syndication fees, 2) application of equity method accounting, 3) recognition of interest income, and 4) amortization of mortgage servicing rights." Defendants assured investors that the restatement would "not impact cash available for distribution," and would actually result in an increase in "previously reported net earnings" for certain periods.
On January 28, 2008, MuniMae 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. On this news, the MuniMae's stock fell to a close of $9.19 per share, on January 29, 2008, or 46% below the prior day's close of $17.20.
If you are a member of the proposed Class, you may move the court no later than March 31, 2008 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the Class. Lockridge Grindal Nauen P.L.L.P., has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders. The reputation and expertise of the firm in shareholder and other class action litigation have been repeatedly recognized by courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations. The firm has offices in Minneapolis and Washington, D.C.
If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Gregg M. Fishbein, Esq. (gmfishbein@locklaw.com) Karen H. Riebel, Esq. (khriebel@locklaw.com) Lockridge Grindal Nauen P.L.L.P. 100 Washington Avenue South, Suite 2200 Minneapolis, MN 55401 (612) 339-6900
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.