NEW YORK, Aug. 21, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of First Marblehead ("First Marblehead" or the "Company") (NYSE: FMD) (CUSIP:320771108). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether First Marblehead and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 15, 2013, First Marblehead announced Fourth Quarter and Full Year Financial Results. In its press release, the Company stated that it is currently being audited by the Internal Revenue Service ("IRS") in connection with the sale of a trust certificate which was previously disclosed, and that the Company expects to receive a Notice of Proposed Adjustment, pursuant to which the IRS would seek to disallow losses that generated tax refunds previously received by the Company, as well as require the Company to include in its tax returns any taxable income from the sale of the trust certificate. The Company further stated that the disallowance of the loss, coupled with the additional taxable income, would create a proposed adjustment estimated at approximately $300 million plus interest.
On this news, shares of First Marblehead fell $0.57 cents per share or more than 36.30% to close at $1.00 on August 16, 2013.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP email@example.com
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP