NEW YORK, Feb. 1, 2008 (PRIME NEWSWIRE) -- Bronstein, Gewirtz & Grossman, LLC announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of MBIA, Inc. (NYSE:MBI) ("MBIA"). The class consists of purchasers of the MBIA common stock for the period January 30, 2007 through and including January 9, 2008.
The complaint alleges that during the class period mentioned above, MBIA and certain prominent individual defendants Chief Executive Officer Gary Dunton and Chief Financial Officer C. Edward Chaplin ("The Defendants") violated the federal securities laws by issuing false and misleading financial statements, SEC filings, press releases, and statements during investor conference calls. The Defendants misrepresented the true extent of MBIA's risky exposure stemming from MBIA's insurance of residential mortgage back securities ("RMBS"), including in particular its exposure to "CDO - squared" securities backed by RMBS.
If you purchased MBIA common stock between January 30, 2007 through and including January 9, 2008 and sustained losses and would like to discuss this action or if you have any questions regarding this notice or your rights as a potential class member or lead plaintiff you may contact: Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. If you wish to serve as lead plaintiff, you must move to court no later than March 11, 2008.
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 work, private securities offerings, and securities arbitration.