Berman DeValerio Announces Shareholder Suit Against The First Marblehead Corporation

BOSTON, MA -- (MARKET WIRE) -- 04/10/08 -- An investor sued The First Marblehead Corporation ("First Marblehead" or the "Company") (NYSE: FMD) in federal court today, accusing the student loan company of securities law violations, Berman DeValerio announced.

Berman DeValerio (www.bermanesq.com) filed the class action complaint on April 10 in the U.S. District of Massachusetts. The complaint, filed as 08-cv-10612 seeks damages for violations of federal securities laws and remedies under the Securities Exchange Act of 1934 (the "Exchange Act").

The class action was filed on behalf of all investors who acquired First Marblehead securities from August 10, 2006, through and including April 7, 2008 (the "Class Period"). Headquartered in Boston, First Marblehead provides financial services relating to the underwriting, packaging and securitization of student loans.

To receive a copy of the complaint, you may contact the court, call Berman DeValerio's Boston office at (800) 516-9926, or click here to download a copy.

The lawsuit claims that First Marblehead and a number of individual defendants violated Sections 10(b) and 20(a) of the Exchange Act, 15 U.S.C. Sections 78j (b) and 78t(a) and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission ("SEC"), 17 C.F.R. Section 240.10b-5.

According to the complaint, the defendants made materially false and misleading statements about the performance and quality of First Marblehead's securitizations in SEC filings and other statements to the investing public. Among other things, First Marblehead misrepresented the level of default rates in its portfolio and the default rates' effect on the Company's ability to securitize additional student loan underwritings. The complaint also states that First Marblehead recklessly disregarded that its student loan guarantor, The Education Resources Institute, was under-reserved and unable to adequately insure student loans underwritten by the Company. The guarantor filed for bankruptcy protection on April 7, 2008.

If you acquired First Marblehead securities from August 10, 2006, through and including April 7, 2008, you may wish to contact the following attorneys at Berman DeValerio to discuss your rights and interests.

Nathaniel L. Orenstein, Esq. Jeffrey C. Block, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 law@bermanesq.com

If you wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the court no later than June 9, 2008. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action, or you may submit information online by clicking here. Please note, you may also retain counsel of your choice and need not take any action at this time to be a class member.

Berman DeValerio prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities and antitrust law violations. The firm has 30 lawyers in Boston, San Francisco and West Palm Beach.

Contact: Nathaniel L. Orenstein, Esq. or Jeffrey C. Block, Esq. (800) 516-9926

2008-04-10 17:35:43 0333528 MARKETWIRE