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Gainey McKenna & Egleston Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against First Marblehead Corporation -- FMD

NEW YORK, Sept. 11, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of those who purchased shares of The First Marblehead Corporation ("First Marblehead" or the "Company") (NYSE:FMD), during the period between November 4, 2010 and August 15, 2013, inclusive (the "Class Period").

The Complaint alleges that Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and financial performance. Specifically, the Complaint alleges that: (1) the Company's tax treatment for its sale of the Trust Certificate and similarly situated securities was inappropriate; (2) such treatment exposed the Company to significant liability, threatening the future viability of the Company; (3) the Company lacked adequate internal controls over financial reporting; and (4) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

If you wish to serve as lead plaintiff, you must move the Court no later than October 28, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Attorney Advertising -- Prior results do not guarantee a similar outcome with respect to any future matter. Please visit our website at http://www.gme-law.com for more information about the firm.

CONTACT: Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. Gainey McKenna & Egleston (212) 983-1300 tjmckenna@gme-law.com or gegleston@gme-law.comSource:Gainey McKenna& Egleston