LOS ANGELES, June 20, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Eastern District of Virginia on behalf of a class (the "Class") consisting of all persons who purchased securities of Federal Home Loan Mortgage Corp. ("Freddie Mac" or the Company") (NYSE:FRE) between April 18, 2000 and June 6, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The complaint charges Freddie Mac and certain of its officers and directors with violations of federal securities laws for disseminating materially false and misleading statements to the markets during the Class Period. Freddie Mac is a stockholder-owned corporation that was established by Congress in 1970 to support home ownership and rental housing. Freddie Mac purchases residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets.
Plaintiff claims that defendants failed to disclose that: (a) the Company at all relevant times lacked adequate internal accounting controls and personnel expertise; (b) the Company failed to follow accounting rules that require derivative securities to be marked to market; (c) the Company "smoothed out its earnings" using accounting techniques to lower results in good times and lift results when business conditions deteriorated; and (d) the Company provided investigators with doctored records to conceal its improper accounting techniques.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than August 8, 2003, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca