MMA Muni Mtg & Equ Llc

PHILADELPHIA, Feb. 13 /PRNewswire-USNewswire/ -- The law firm of Berger & Montague, P.C. has filed a class action in the United States District Court for the District of Maryland on behalf of all purchasers of Municipal Mortgage & Equity, LLC ("MuniMae") (NYSE:MMA) common stock between May 3, 2004 and January 29, 2008 (the "Class Period"). MuniMae is a financial services company that arranges debt and equity financing for developers and owners of real estate and clean energy projects, as well as investment management services for institutional investors. Investors who purchased MuniMae common stock during the Class Period may move the Court to appoint them as lead plaintiff, no later than March 31, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors in MuniMae who wish to discuss this action or the lead plaintiff selection process may contact Berger & Montague, P.C., toll free at 1-888-891-2289, or by e-mail at . A copy of the class action complaint can be viewed on Berger & Montague, P.C.'s website at http://www.bergermontague.com/ or may be requested from the Court. The case is Shailam v. Municipal Mortgage & Equity, LLC, et al., No. 08-cv-00386-WDQ. The complaint alleges that MuniMae and some of its senior officers and directors violated the federal securities laws by making a series of false and misleading statements about MuniMae's revenue, earnings and financial condition. Among other things, MuniMae overstated its financial results as a result of its failure to: (a) consolidate on the company's balance sheet hundreds of "variable interest entities," as required by applicable accounting rules; and (b) timely write-down the fair value of impaired assets. The complaint also alleges that MuniMae falsely reported strong performance and earnings growth when, to the contrary, the company was performing poorly and would be required to cut its dividend. The truth began to emerge after the stock market closed on January 28, 2008, when MuniMae issued a press release announcing that the company was cutting its quarterly dividend by 37%, from $0.5250 to $0.33 per share. MuniMae also revealed that it would not complete its previously announced restatement of financial results by the March 3, 2008 deadline imposed by New York Stock Exchange, and that its stock would be delisted by the Exchange. On this news, the price of MuniMae stock dropped from $17.20 per share to close at $9.19 per share on January 29, 2008, representing a 47% single-day decline. Then, on January 29, 2008, MuniMae provided additional details regarding its restatement, including the fact that the company was required to consolidate on its balance sheet approximately 200 "variable interest entities" in which it holds minority interests, and it would be writing-down the fair value of certain assets "held-for-sale" including loans, bonds, derivatives, guarantee obligations, and mortgage servicing rights. On this news, the price of MuniMae stock dropped an additional 22%, to close at $7.13 per share on January 30, 2008. For more information about this case, please contact: Sherrie R. Savett, Esq. Barbara A. Podell, Esq. Eric Lechtzin, Esq. Kimberly A. Walker, Investor Relations Manager BERGER & MONTAGUE, P.C. 1622 Locust Street Philadelphia, PA 19103 Telephone: 1-888-891-2289 or 215-875-3000 Berger & Montague, founded in 1970, is a pioneer in class action litigation. The firm's approximately 70 attorneys concentrate their practice in complex litigation including securities fraud and corporate governance, antitrust, civil and human rights, consumer protection and environmental and mass torts, and have recovered several billion dollars for consumers and investors. DATASOURCE: Berger & Montague, P.C. CONTACT: Kimberly A. Walker, Investor Relations Manager of BERGER & MONTAGUE, P.C., +1-215-875-3000 Web Site: http://www.bergermontague.com/

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