NASHVILLE, Tenn., Feb. 15, 2006 (PRIMEZONE) -- Barrett, Johnston & Parsley today announced that a class action lawsuit was commenced on February 3, 2006, in the United States District Court for the Middle District of Tennessee against the National Association of Securities Dealers ("NASD") on behalf of 1,882 individuals who were incorrectly informed by the NASD that they failed the Series 7 examination. The lawsuit seeks class action status on behalf all persons who took the Series 7 examination administered by the NASD between October 1, 2004 and December 20, 2005 and were incorrectly informed that they failed the examination (the "Class").
If you are a member of the Class and wish to discuss this action or have any questions concerning your rights or interests or would like to obtain a copy of the Complaint, please contact plaintiff's counsel, Gerald Martin at 615/244-2202 or via e-mail at jmartin@barrettjohnston.com.
Passing the Series 7 exam is necessary in order for an individual to register with the NASD and the exam must be passed in order for an individual to take many other principle exams offered by the NASD. The complaint alleges that the NASD admitted that it improperly informed the Class that they had failed the Series 7 examination due to the NASD's negligence when they, in fact, passed the examination. As a result, plaintiff and many members of the Class lost their jobs, had to relocate, received lower bonuses, lost commissions, were unemployed and/or had to accept lower paying jobs which did not require a Series 7 license.
Plaintiff seeks to recover damages on behalf the Class. The plaintiff is represented by Barrett, Johnston & Parsley located in Nashville, Tennessee which has extensive experience in prosecuting class actions.