NEW YORK, Feb. 1, 2008 (PRIME NEWSWIRE) -- The Rosen Law Firm today announced its ongoing investigation of civil securities claims against Municipal Mortgage & Equity, LLC ("Maxim" or the "Company") (Pink Sheets:MXIM) (formerly Nasdaq:MXIM), concerning allegations that Maxim issued materially false and misleading statements about its financial condition and financial performance.
On January 17, 2008, the Company announced that it would be restating its financial statements to record between $550 million and $650 million of additional stock-based compensation expense and that its previously issued financial statements could no longer be relied on. As a result of these adverse disclosures, the Company's stock price has declined 22%.
As a result of its investigation of Maxim, the Rosen Law Firm is preparing a class action lawsuit on behalf of investors who purchased Maxim stock and options during the period from February 3, 2003 through January 17, 2008.
You may access the website at http://www.rosenlegal.com to participate in the proposed class action.
If you purchased Maxim stock and would like further information concerning your legal rights, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.