Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of The First Marblehead Corporation

Aug 23, 2013, 08:30 ET from Bronstein, Gewirtz & Grossman, LLC

NEW YORK, Aug. 23, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of The First Marblehead Corporation  ("First Marblehead Corp." or the "Company") (NYSE: FMD).  The investigation focuses on whether the Company and its executives violated federal securities laws.

On August 16, 2013, shares of First Marblehead Corp. fell $0.57 per share or 36.30% to close at $1.00 after the company announced in a press release that it is being audited by the Internal Revenue Service ("IRS") in connection with the sale of a trust certificate.   In the release, First Marblehead Corp. disclosed that it 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.

If you are aware of any facts relating to this investigation, or purchased shares of First Marblehead Corp., you can assist this investigation by contacting either Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email Those who inquire by e-mail are encouraged to include their mailing address and telephone number. 

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.   Attorney advertising. Prior results do not guarantee similar outcomes.

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484

SOURCE Bronstein, Gewirtz & Grossman, LLC