Municipal Mortgage & Equity LLC (NYSE: MMA) Investor Securities Class Action Lawsuit 01/30/2008

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Company Name(s): 
Municipal Mortgage and Equity
Case Name: 
Municipal Mortgage and Equity Shareholder Class Action Lawsuit 01/30/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: MMA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/30/2008
Class Period Begin: 
05/03/2004
Class Period End: 
01/29/2008
Court of Filing: 
U.S. District Court for the District of Maryland
Settlement Amount: 
$676,820
Deadline to Participate in Settlement: 
09/21/2015
Summary: 

April 15, 2015 - Parties filed a stipulation of settlement.

March 7, 2014 - The U.S. Court of Appeals for the Fourth Circuit ordered the judgment of the district court is affirmed.

December 4, 2012 - The lead plaintiffs filed an amended notice of appeal.

November 30, 2012 - The lead plaintiffs filed a notice of appeal.

November 14, 2012 - The court issued a judgment dismissing Counts 1, 2, 6, 7 and 8.

June 26, 2012 - The court granted in part and denied in part the defendants' motions to dismiss, dismissing Counts 1, 2, 6, 7 and 8.

March 26, 2009 - Another defendants filed a motion to dismiss.

March 12, 2009 - The defendants filed motions to dismiss.

December 5, 2008 - The lead plaintiffs filed an amended consolidated complaint in the U.S. District Court for the District of Maryland on behalf of investors who purchased Municipal Mortgage & Equity LLC (NYSE: MMA) common shares between May 3, 2004 and January 28, 2008. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between May 3, 2004 and January 28, 2008.

August 27, 2008 - The lead plaintiffs and lead counsel were appointed.

August 18, 2008 - The court ordered all cases transferred to the U.S. District Court for District of Maryland and consolidated into a multi-district case.

March 31, 2008 - Lead plaintiff motions were filed.

February 8, 11 and March 4, 2008 - Additional investors filed complaints.

February 4, 2008 - Another investor filed a complaint in the U.S. District Court for the Southern District of New York on behalf of investors who purchased Municipal Mortgage & Equity LLC (NYSE: MMA) common shares between May 3, 2004 and January 28, 2008.

January 31, and February 1, 2008 - Additional investors filed complaints in the U.S. District Court for the District of Maryland on behalf of investors who purchased Municipal Mortgage & Equity LLC (NYSE: MMA) common shares between May 3, 2004 and January 29, 2008.

January 31, 2008 - An investor in shares of Municipal Mortgage & Equity LLC (NYSE: MMA now trading on the OTC sheets as OTC: MMAB ) filed a lawsuit in the U.S. District Court for the Southern District of New York against Municipal Mortgage & Equity LLC over alleged violations of Federal Securities Laws between January 30, 2003 through January 28, 2008.

The complaint alleges Municipal Mortgage & Equity LLC and certain of its present and former officers, directors, and control persons violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements pertaining to Municipal Mortgage & Equity LLC’s business prospects, financial condition, and financial performance.

The complaint further claims Municipal Mortgage & Equity LLC and its officers and directors, caused to be issued numerous false and misleading statements concerning the adequacy of Municipal Mortgage & Equity LLC’s internal controls and the value and performance of its tax-exempt bond portfolio. The complaint alleges that defendants failed to disclose and misrepresented the true financial condition and operations of Municipal Mortgage & Equity LLC.

On January 28, 2008, Municipal Mortgage & Equity LLC announced that it was slashing its dividend and would again delay the filing of its restated financials. Before the market opened the following day, Municipal Mortgage & Equity LLC disclosed that the previously announced restatement would impact an even greater portion of Municipal Mortgage & Equity LLC’s business. As a result of these disclosures, Municipal Mortgage & Equity LLC’s stock (NYSE: MMA) opened for trading at $12.33 per share and closed at $9.19 per share, or 46% below the prior day’s close.