Worldwide Fixed Income Pricing
Parameters
| NAME | DESCRIPTION | EXAMPLE |
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ISIN
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ISIN code (global level identifier) | US31398AAA07 |
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Format
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The format the data will be returned in (for example, PSV for pipe-separated values). | json |
Output Fields
| NAME | DESCRIPTION | EXAMPLE |
|---|---|---|
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isin
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ISIN | US31398AAA07 |
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announcedate
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announcedate | 2004-09-30T23:00:00.000Z |
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acttime
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acttime | |
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secid
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secid | 581230 |
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issuername
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issuername | Federal National Mortgage Association |
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effectivedate
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effectivedate | 2012-10-18T23:00:00.000Z |
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lawstnotes
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lawstnotes | (As on 19/10/12) USCLAC<BR>Federal National Mortgage Association (Fannie Mae)<BR>Summary: I. The original complaint filed in 2004 charges Fannie Mae and certain of its officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company applied accounting methods and practices that do not comply with GAAP in accounting for the enterprise`s derivatives transactions and hedging activities; (2) that the Company had materially understated its accrued cost-of-access liability by USD50-USD80 million; (3) that the Company used `cookie jar` accounting wherein Fannie Mae arbitrarily distributed current gains to subsequent quarters in a bid to keep its revenue and earnings growth steady; (4) that the Company deferred expenses to achieve bonus compensation targets; (5) that the Company had insufficient and inadequate internal controls; and (6) that as a result, the value of the Company`s net income and financial results was materially understated at all relevant times. More specifically, on September 22, 2004, Fannie Mae, prior to the opening of the market, disclosed, in brief, the findings of the Office of Federal Housing Enterprise Oversight (`OFHEO`) report. The report revealed that Fannie Mae was engaged in inappropriate accounting practices. News of this shocked the market. Shares of Fannie Mae fell USD4.96 per share, or 6.56 percent, to close at USD70.69 per share on unusually high trading volume. After the market closed on September 22, 2004, OFHEO released the complete report detailing Fannie Mae`s inappropriate accounting practices. The market reacted swiftly. The next trading day shares of Fannie Mae fell an additional USD3.24 per share, or 4.58 percent, by noon on September 23, 2004. On September 23, 2004, similar class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of Federal National Mortgage Association common stock during the period between October 16, 2003 and September 22, 2004. The complaint charges Fannie Mae and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Fannie Mae provides financing for home mortgages in the United States. The complaint filed in the Southern District of New York alleges that during the Class Period, defendants issued materially false and misleading statements regarding Fannie Mae`s financial results and growth rates. Specifically, the complaint alleges that the Company issued materially false and misleading statements in an effort to separate themselves from the scandal that occurred at the Federal Home Loan Mortgage Corporation (Freddie Mac.) The Freddie Mac`s accounting crisis brought the ouster of several top Freddie Mac executives, investigations by the Justice Department and the SEC, and a record USD125 million fine in a settlement with the Office of Federal Housing Enterprise Oversight (`OFHEO`), the office that regulates both Fannie Mae and Freddie Mac and is responsible for ensuring that they are adequately capitalized and operating safely. Soon thereafter, OFHEO initiated an eight-month investigation of Fannie Mae`s accounting practices in which the agency found a pattern of manipulation aimed at smoothing out volatility in profits from quarter to quarter similar to that which occurred at rival Freddie Mac. All of the cases were consolidated and / or transferred to the U.S. District Court for the District of Columbia. A consolidated complaint was filed on March 4, 2005 against Fannie Mae and former officers. The court entered an order naming the Ohio Public Employees Retirement System and State Teachers Retirement System of Ohio as lead plaintiffs. The consolidated complaint generally made the same allegations as the individually-filed complaints. More specifically, the consolidated complaint alleged that the defendants made materially false and misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule 10b-5 promulgated thereunder, largely with respect to accounting statements that were inconsistent with the GAAP requirements relating to hedge accounting and the amortization of premiums and discounts. Plaintiffs contend that the alleged fraud resulted in artificially inflated prices of defendants` common stock. Plaintiffs seek unspecified compensatory damages, attorneys` fees, and other fees and costs. Discovery commenced in this action following the denial of the motions to dismiss filed by Fannie Mae and the former officer defendants on February 10, 2006. On April 17, 2006, the plaintiffs in the consolidated class action filed an amended consolidated complaint that added purchasers of publicly traded call options and sellers of publicly traded put options to the putative class and sought to extend the end of the putative class period from September 21, 2004 to September 27, 2005. On August 14, 2006, the plaintiffs filed a second amended complaint adding KPMG LLP and Goldman, Sachs & Co. as additional defendants and adding allegations based on the May 2006 report issued by OFHEO and the February 2006 report issued by Paul, Weiss, Rifkind, Wharton & Garrison LLP. Fannie Mae`s answer to the second amended complaint was filed on January 16, 2007. Plaintiffs filed a motion for class certification on May 17, 2006, and a hearing on that motion was held on June 21, 2007. According to a press release dated January 7, 2008, Fannie Mae shareholders from April 2001 through December 2004 are the only ones eligible to join a class action lawsuit against the mortgage finance company related to a USD6.3 billion accounting overstatement, a federal judge said. The class action can include buyers of Fannie Mae stock and call options and sellers of company put options from April 17, 2001, until Dec. 22, 2004, the date of Chief Executive Officer Franklin Raines`s ouster, according to an order today by U.S. District Court Judge Richard Leon. Leon denied a request by Ohio Attorney General Marc Dann that investors who held the stock through Sept. 27, 2005, be included. Fraudulent accounting and misleading statements by Fannie Mae from April 17, 2001, until Sept. 27, 2005, affected 1.1 billion of the company`s shares outstanding, according to the plaintiffs. On October 17, 2008, FHFA, as conservator for Fannie Mae, intervened in the consolidated shareholder class action (as well as in the consolidated ERISA litigation and the shareholder derivative lawsuits pending in the U.S. District Court for the District of Columbia) and filed a motion to stay those cases. On October 20, 2008, the Court issued an order staying the cases until January 6, 2009. Upon expiration of the stay, discovery in those cases resumed. On May 10, 2010, defendants Fannie Mae and KPMG filed a joint motion to dismiss with prejudice. On August 16, 2011, the plaintiffs filed a motion for partial summary judgment against Defendant Fannie Mae. <BR>II. In addition, two individual securities cases have been filed by institutional investor shareholders in the U.S. District Court for the District of Columbia. The first case was filed on January 17, 2006 by Evergreen Equity Trust, Evergreen Select Equity Trust, Evergreen Variable Annuity Trust, and Evergreen International Trust against Fannie Mae, current and former officers and directors. The second individual securities case was filed on January 25, 2006 by 25 affiliates of Franklin Templeton Investments against Fannie Mae, KPMG LLP, and certain current and former officers and directors. On April 27, 2007, KPMG also filed cross-claims against Fannie Mae in this action that are essentially identical to those it alleges in the consolidated class action case. The two related individual securities actions assert various federal and state securities law and common law claims against Fannie Mae and certain of its current and former officers and directors based upon essentially the same alleged conduct as that at issue in the consolidated shareholder class action, and also assert insider trading claims against certain former officers. Both cases seek unspecified compensatory and punitive damages, attorneys` fees, and other fees and costs. In addition, the Evergreen plaintiffs seek an award of treble damages under state law. On May 12, 2006, the individual securities plaintiffs voluntarily dismissed defendants Victor Ashe and Molly Bordonaro from both cases. On June 29, 2006 and then again on August 14 and 15, 2006, the individual securities plaintiffs filed first amended complaints and then second amended complaints adding additional allegations regarding improper accounting practices. The second amended complaints each added Radian Guaranty Inc. as a defendant. The court has consolidated these cases as part of the consolidated shareholder class action for pretrial purposes and possibly through final judgment. On July 31, 2007, the court dismissed all of the individual securities plaintiffs` claims against several individual defendants and Radian Guaranty Inc. In addition, the court dismissed the individual securities plaintiffs` state law claims and certain of their federal securities law claims against Fannie Mae and three individuals. It also limited the individual securities plaintiffs` insider trading claims against those individual defendants. On April 16, 2007, KPMG filed cross-claims against Fannie Mae in this action for breach of contract, fraudulent misrepresentation, fraudulent inducement, negligent misrepresentation, and contribution. KPMG is seeking unspecified compensatory, consequential, restitutionary, rescissory, and punitive damages, including purported damages related to injury to KPMG`s reputation, legal costs, exposure to legal liability, costs and expenses of responding to investigations related to the defendant`s accounting, and lost fees. KPMG is also seeking attorneys` fees, costs, and expenses. Fannie Mae filed a motion to dismiss certain of KPMG`s cross-claims. That motion was denied on June 27, 2007. The defendant has separately filed a case against KPMG. On September 20, 2012, the Court issued an Order granting Franklin D. Raines`s Motion for Summary Judgment. Raines is dismissed from this suit.<BR><BR>(As on 15/10/08) USCLAC<BR>Federal National Mortgage Association (Fannie Mae) : 8.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S<BR>Ticker Symbol: FNM<BR>Market: New York SE<BR>Class Period: 12/11/2007 - 9/5/2008<BR>Court: S.D. New York<BR>Date of filing: 10/8/2008<BR>Plaintiff Firm: Emerson Poynter LLP<BR>SIC Code: 6111<BR>Sector Classification: Financial<BR>Industry Classification: Consumer Financial Services<BR>Summary: According to a press release, the complaint was filed October 8, 2008. The plaintiffs allege that the defendants--including several former officers and directors of Fannie Mae and the underwriters responsible for the Series S preferred stock offering--knew or recklessly disregarded that Fannie Mae was grossly undercapitalized, in violation of Federal regulations, because of its overwhelming investments in subprime and Alt-A mortgages. These assets were not properly accounted for in violation of Generally Accepted Accounting Principles (GAAP). Fannie Mae`s capital deficiency also was concealed because its deferred tax assets and guaranty obligations were not properly accounted for in violation of GAAP.<BR><BR>(As on 10/10/08) STKWH<BR>Emerson Poynter LLP Files Class Action Lawsuit Against Fannie Mae On Behalf of Series S Preferred Stockholders<BR>LITTLE ROCK, Ark., Oct. 10, 2008 (GLOBE NEWSWIRE) -- Emerson Poynter LLP (www.emersonpoynter.com), a national law firm with offices in Little Rock, Arkansas and Houston, Texas, announces that it filed, on October 8, 2008, a class action lawsuit against Fannie Mae (NSYE:FNM) on behalf of purchasers of Fannie Mae`s 8.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S who purchased the stock between December 11, 2007 and September 5, 2008, inclusive (the `Class Period`). Fannie Mae is the nation`s largest source of financing for home mortgages. The action was filed in the United States District Court for Southern District of New York (08-CIV-8609). <BR>In the complaint, plaintiffs allege that the defendants -- including several former officers and directors of Fannie Mae and the underwriters responsible for the Series S preferred stock offering -- knew or recklessly disregarded that Fannie Mae was grossly undercapitalized, in violation of Federal regulations, because of its overwhelming investments in subprime and Alt-A mortgages. These assets were not properly accounted for in violation of Generally Accepted Accounting Principles (GAAP). Fannie Mae`s capital deficiency also was concealed because its deferred tax assets and guaranty obligations were not properly accounted for in violation of GAAP. <BR>Since Fannie Mae was placed in conservatorship by the federal government, the price of its Series S preferred stock has declined precipitously from the USD25 offering price and reached a low of USD1.51/share -- roughly 94% less than its offered value -- on September 18, 2008. <BR>If you purchased Fannie Mae`s 8.25% Fixed to Floating Non-Cumulative Preferred Stock, Series S between December 11, 2007 and September 5, 2008, please contact us about your rights and potential claims. If you wish to serve as lead plaintiff, you must move the court by November 7, 2008. <BR><BR>(As on 24/09/08) AUCLAC<BR>Latest Securities Class Action Against Fannie Mae Adds Underwriters as Defendants<BR>September 17, 2008 at 6:43 am <BR>On Tuesday, a securities class action lawsuit was filed against several current and former top executives of Fannie Mae (FHM), as well as a group of five underwriters. The lawsuit alleges misrepresentations related to a USD2 billion preferred share offering by the company in May 2008 of 8.25% Non-Cumulative Preferred Stock, Series T.<BR>Like a similar lawsuit filed last week, the complaint reportedly does not name the company but does name top executives as defendants. It also names the offering`s five managing underwriters as defendants: units of Morgan Stanley Inc. (MS), Merrill Lynch & Co. (MER), UBS AG (UBS), Wachovia Corp. (WB) and Citigroup Inc. (C).<BR><BR>(As on 22/09/08) USCLAC<BR>Fannie Mae: Merrill Lynch, Pierce, Fenner & Smith, Inc.; Citigroup Global Markets, Inc.; Morgan Stanley & Co.; UBS Securities, LLC; and Wachovia Capital Markets LLC : 8.25% Non-Cumulative Preferred Stock, Series T<BR>Ticker Symbol: FNM<BR>Market: New York SE<BR>Class Period: 5/13/2008 - 9/6/2008<BR>Court: S.D. New York<BR>Date of filing: 9/17/2008<BR>Plaintiff Firm: Pomerantz Haudek Block Grossman & Gross LLP (New York)<BR>SIC Code: 6111<BR>Sector Classification: Financial<BR>Industry Classification: Investment Services<BR>Summary: According to a law firm press release, a class action complaint was filed against against the underwriters of Fannie Mae`s May 13, 2008 offering of 8.25% Non-Cumulative Preferred Stock, Series T. Included in the named defendants are Merrill Lynch, Citigroup, Morgan Stanley, UBS Securities and Wachovia Capital Markets, along with four senior executives of Fannie Mae. This is the second lawsuit filed in relation to the collapse of the government-sponsored mortgage giant.<BR>The Offering involved the sale of approximately 80 million shares of non-cumulative, non-convertible, perpetual fixed-rate preferred stock, at an offering price of 25 per share. It was part of Fannie Mae`s effort to raise at least 6 billion in new capital through public offerings of new securities during May, 2008. The new capital was to help shore up the Company`s balance sheet so that capital requirements could continue to be satisfied, enhance shareholder value and provide stability to the secondary mortgage market. Fannie Mae`s senior officers, defendants here, repeatedly assured the marketplace that this round of capital-raising would put the company on a sound financial footing and that they believed that additional infusions of cash would not be necessary for the foreseeable future.<BR>The five Underwriter Defendants were the managing underwriters for the Offering. As such, they participated in the review and drafting of the Offering Circular, which was the official sales document for the Offering, solicited sales of the shares, and identified themselves, on the cover of the Offering Circular, as the underwriters for the Offering. The Underwriter Defendants purchased 14 million shares each of the Offering, delivered the Offering Circular to prospective investors, and resold those shares to investors in the Offering. <BR>The complaint alleges that the Underwriter Defendants` statements made in connection with the Offering were materially false and misleading because (a) they grossly overstated Fannie Mae`s capitalization, claiming that the Company had a substantial capital surplus when, in fact, it was including on its balance sheet, at full value, about 36 billion in deferred tax assets that were, in fact, valueless; (b) they failed to disclose the serious risk that current account changes under consideration by the FASB could force the Company to bring over 2 trillion of currently off-balance-sheet obligations onto its financial statements, depleting its capital surplus even further; and (c) the individual defendants falsely asserted that management believed that the current securities offerings of the company would be adequate to see the Company through the end of the year.<BR><BR>(As on 28/08/08) STRINE<BR>Law Offices of Howard G. Smith Announces Investigation On Behalf of Preferred Shareholders of Federal National Mortgage Association (`Fannie Mae`)<BR>August 28, 2008 8:30 PM EDT <BR>BENSALEM, Pa., Aug. 28, 2008 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against Federal National Mortgage Association (`Fannie Mae` or the `Company`) (NYSE: FNM) concerning possible securities violations related to the Company`s offering of 8.25% Non-Cumulative Preferred Stock, Series T (`Series T Preferred Stock`) that took place on or about May 14, 2008 at USD25.00 per share, and the offering of 8.75% Non-Cumulative Mandatory Convertible Preferred Stock, Series 2008-1 (`Series 2008-1 Preferred Stock`) that took place on or about May 19, 2008 at USD50.00 per share. <BR>The investigation concerns allegedly misleading statements and material omissions in the Offering Circular and other Offering materials issued in connection with the Series T Preferred Stock and the Series 2008-1 Preferred Stock offerings. <BR>If you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll-Free at (888) 638-4847, or by email to howardsmithlaw@hotmail.com. <BR><BR>(As on 04/09/06) USCLAC<BR>The Washington Post, August 25, 2006<BR>Fannie Mae Avoids Criminal Charges Over Accounting<BR>By: David S. Hilzenrath and Carrie Johnson<BR><BR>EXCERPT: The Justice Department has told Fannie Mae that it does not plan to seek criminal charges against the company, an important step for the District-based mortgage funding giant as it tries to move beyond a multibillion-dollar accounting scandal. Fannie Mae announced yesterday -- and a Justice Department spokesman confirmed -- that the nearly two-year-old criminal investigation of the company had ended. Coupled with settlements reached this year with two regulatory agencies, the decision clears Fannie Mae of prosecution for years of accounting mistakes that are costing hundreds of millions of dollars to correct. The company still faces shareholder litigation over the value lost when the accounting problems were revealed and the stock price plunged. And former Fannie Mae executives remain under scrutiny. The Justice Department is still investigating whether former Fannie chairman and chief executive Franklin D. Raines and former chief financial officer J. Timothy Howard committed perjury when they testified about the company`s accounting practices before a House of Representatives panel in 2004, said Channing Phillips, a spokesman for the U.S. attorney for the District of Columbia. In addition, the Securities and Exchange Commission has not ruled out civil charges against individuals in the accounting matter, according to an SEC source, who spoke on condition of anonymity because it is SEC policy not to comment on pending investigations. Another regulatory agency, the Office of Federal Housing Enterprise Oversight, said yesterday that it was reviewing potential administrative actions against former Fannie Mae executives. The agency could seek to recoup compensation that Fannie insiders received when the company`s earnings were overstated, said a spokeswoman for the office, Stefanie Mullin. . A Fannie spokeswoman declined to comment on the government`s decision not to prosecute the company. In a brief news release, chief executive Daniel H. Mudd said the company `will continue to work closely and cooperatively with our regulators.`<BR><BR>(As on 21/04/05) USCLAC<BR>Company: Fannie Mae <BR>Ticker Symbol: NYSE: FNM <BR>Class Period: April 17, 2001 to September 22, 2004 <BR>Date Filed: Mar-25-05 <BR>Lead Plaintiff Deadline: May-24-05 <BR>Court: District, DC <BR>Allegations: <BR>A securities fraud class action lawsuit has been filed in the District of Columbia federal court on behalf of those persons and entities who purchased `call` options or sold `put` options in the common stock of Federal National Mortgage Association (`Fannie Mae`) (NYSE:FNM) between April 17, 2001 and September 22, 2004. A consolidated class action was previously filed in District of Columbia federal court on behalf of purchasers of Fannie Mae common stock during this same period, but excluded option traders. <BR><BR>After an extensive investigation into Fannie Mae`s accounting practices, the Office of Federal Housing Enterprise Oversight (`OFHEO`) and the Securities and Exchange Commission (`SEC`) uncovered serious improprieties in Fannie Mae`s 2001 through mid-2004 financial statements. The OFHEO and SEC have ordered Fannie Mae to restate those financial statements in accordance with generally accepted accounting principles. As a result, Fannie Mae will have to restate approximately Usd12 billion in revenue for this period. <BR><BR>The Complaint alleges that Fannie Mae and its top officers violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934. Defendants issued numerous public statements in which they misrepresented or failed to disclose the true picture of Fannie Mae`s financial condition. <BR><BR>(as on 01/04/05)<BR>DEAL : 1: TEXT : 868730: REMARKS:LAWSUIT : IND:WN 1C: EFF:99/99/99:(9999) <BR>TARGET:313586109: :FEDERAL NA: INIT:999999999: :9999999999: EXP:99/99/99:(9999) <BR>CASH: 0.00000: :N: PROTECT: : T.AGENT: : INFO: : WDR:04/17/01:(2001) <BR>RATE: 0.00000: :N: : 1.00000:V:DTC: : PRATE: 0.000000: PRO:09/22/04:(2004) <BR>OPT:01: `FEDERAL NATIONAL MORTGAGE ASSOCIATION` <BR>FILING STATUS: FILING: :FILING DATE: MARCH 25, 2005: <BR>CASE STATUS: NOTICE OF CLASS ACTION FILING: <BR>COURT: U.S. DISTRICT COURT FOR THE DISTRICT OF COLUMBIA: <BR>CASE NO: NA-001: <BR>CLASS DESCRIPTION: ALL PERSONS WHO PURCHASED CALL OPTIONS OR <BR>SOLD PUT OPTIONS IN THE COMMON STOCK OF <BR>FEDERAL NATIONAL MORTGAGE ASSOCIATION BETWEEN APRIL 17, 2001 AND <BR>SEPTEMBER 22, 2004: <BR>CASE SUMMARY: THE COMPLAINT ALLEGES THAT FANNIE MAE AND ITS TOP <BR>OFFICERS VIOLATED SECTIONS 10(B) AND 20(A) OF THE SECURITIES EXCHANGE <BR>ACT OF 1934. DEFENDANTS ISSUED NUMEROUS PUBLIC STATEMENTS IN WHICH <BR>CONTINUED ON TEXT NO. 868731, DATED 04-01-2005 <BR><BR>DEAL : 1: TEXT : 868731: REMARKS:LAWSUIT : IND:WN 1C: EFF:99/99/99:(9999) <BR>TARGET:313586109: :FEDERAL NA: INIT:999999999: :9999999999: EXP:99/99/99:(9999) <BR>CASH: 0.00000: :N: PROTECT: : T.AGENT: : INFO: : WDR:04/17/01:(2001) <BR>RATE: 0.00000: :N: : 1.00000:V:DTC: : PRATE: 0.000000: PRO:09/22/04:(2004) <BR>OPT:01: CONTINUATION OF TEXT NO. 868730 <BR>THEY MISREPRESENTED OR FAILED TO DISCLOSE THE TRUE PICTURE OF <BR>FANNIE MAE`S FINANCIAL CONDITION: <BR>LEAD PLAINTIFF DEADLINE FOR FILING: MAY 24, 2005: <BR>PLAINTIFFS` COUNSEL: <BR>LAW OFFICES OF CHARLES J. PIVEN <BR>ATTN. CHARLES J. PIVEN <BR>WORLD TRADE CENTER BALTIMORE <BR>401 EAST PRATT STREET SUITE 2525 BALTIMORE MD 21202 <BR>TEL. 410-332-0030 <BR>E-MAIL: PIVENLAW@EROLS.COM: <BR><BR>(As on 31/03/05) USCLAC<BR>SAN DIEGO--(BUSINESS WIRE)--March 25, 2005--On March 24, 2005, the Law Office of Frank J. Johnson commenced a securities fraud class action lawsuit in District of Columbia federal court on behalf of those persons and entities who purchased `call` options or sold `put` options in the common stock of Federal National Mortgage Association (`Fannie Mae`) (NYSE:FNM) between April 17, 2001 and September 22, 2004. A consolidated class action was previously filed in District of Columbia federal court on behalf of purchasers of Fannie Mae common stock during this same period, but excluded option traders. <BR><BR>After an extensive investigation into Fannie Mae`s accounting practices, the Office of Federal Housing Enterprise Oversight (`OFHEO`) and the Securities and Exchange Commission (`SEC`) uncovered serious improprieties in Fannie Mae`s 2001 through mid-2004 financial statements. The OFHEO and SEC have ordered Fannie Mae to restate those financial statements in accordance with generally accepted accounting principles. As a result, Fannie Mae will have to restate approximately Usd12 billion in revenue for this period. <BR>The Complaint alleges that Fannie Mae and its top officers violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934. Defendants issued numerous public statements in which they misrepresented or failed to disclose the true picture of Fannie Mae`s financial condition. <BR><BR>(As on 19/03/05) USCLAC<BR>SEATTLE, March 8, 2005 (PRIMEZONE) -- Keller Rohrback L.L.P.<BR>(www.erisafraud.com <http://www.erisafraud.com>) today announced that it is investigating the<BR>Federal National Mortgage Association (`Fannie Mae` or the `Company`)<BR>(NYSE:FNM) for violations of the Employee Retirement Income Security<BR>Act of 1974 (`ERISA`). The investigation focuses on investments in<BR>Company stock by the Federal National Mortgage Association Employee<BR>Stock Ownership Plan (the `Plan`) from October 11, 2000, through the<BR>present (the `Class Period`).<BR><BR>Keller Rohrback`s investigation focuses on concerns that Fannie Mae and<BR>other fiduciaries for the Plan may have failed their duties and<BR>obligations under ERISA to protect Plan assets, ensure that Plan assets<BR>are invested prudently, and provide participants with complete and<BR>accurate information about Plan investment options.<BR><BR>(As on 20/11/04) USCLAC<BR>Shareholder Class Action Filed Against Fannie Mae by The Law Firm of Schiffrin & Barroway, LLP -- FNM<BR><BR>BALA CYNWYD, Pa., Nov. 12, 2004 (PRIMEZONE) -- The following statement<BR>was issued today by the law firm of Schiffrin & Barroway, LLP:<BR><BR>Notice is hereby given that a class action lawsuit was filed in the<BR>United States District Court for the District of Columbia on behalf of<BR>all those who purchased publicly traded securities of the Federal<BR>National Mortgage Association (operating as Fannie Mae) (NYSE:FNM)<BR>(`Fannie Mae` or the `Company`) between October 11, 2000 and September<BR>22, 2004 inclusive (the `Class Period`).<BR><BR>If you wish to discuss this action or have any questions concerning<BR>this notice or your rights or interests with respect to these matters,<BR>please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren<BR>J. Check, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via<BR>e-mail at info@sbclasslaw.com.<BR><BR>The complaint charges Fannie Mae, Franklin D. Raines, J. Timothy<BR>Howard, and Leanne G. Spencer with violations of Sections 10(b) and<BR>20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated<BR>thereunder. More specifically, the complaint alleges that the Company<BR>failed to disclose and misrepresented the following material adverse<BR>facts which were known to defendants or recklessly disregarded by them:<BR>(1) that the Company applied accounting methods and practices that do<BR>not comply with GAAP in accounting for the enterprise`s derivatives<BR>transactions and hedging activities; (2) that the Company had<BR>materially understated its accrued cost-of-access liability by Usd50-Usd80<BR>million; (3) that the Company used `cookie jar` accounting wherein<BR>Fannie Mae arbitrarily distributed current gains to subsequent quarters<BR>in a bid to keep its revenue and earnings growth steady; (4) that the<BR>Company deferred expenses to achieve bonus compensation targets; (5)<BR>that the Company had insufficient and inadequate internal controls; and<BR>(6) that as a result, the value of the Company`s net income and<BR>financial results was materially understated at all relevant times.<BR><BR>On September 22, 2004, Fannie Mae, prior to the opening of the market,<BR>disclosed, in brief, the findings of the Office of Federal Housing<BR>Enterprise Oversight (`OFHEO`) report. The report revealed that Fannie<BR>Mae was engaged in inappropriate accounting practices. News of this<BR>shocked the market. Shares of Fannie Mae fell Usd4.96 per share, or 6.56<BR>percent, to close at Usd70.69 per share on unusually high trading volume.<BR>After the market closed on September 22, 2004, OFHEO released the<BR>complete report detailing Fannie Mae`s inappropriate accounting<BR>practices. The market reacted swiftly. The next trading day shares of<BR>Fannie Mae fell an additional Usd3.24 per share, or 4.58 percent, by noon<BR>on September 23, 2004.<BR><BR>Plaintiff seeks to recover damages on behalf of class members and is<BR>represented by the law firm of Schiffrin & Barroway, which prosecutes<BR>class actions in both state and federal courts throughout the country.<BR>Schiffrin & Barroway is a driving force behind corporate governance<BR>reform, and has recovered in excess of a billion dollars on behalf of<BR>institutional and high net worth individual investors. For more<BR>information about Schiffrin & Barroway, or to sign up to participate in<BR>this action online, please visit http://www.sbclasslaw.com<BR><BR>If you are a member of the class described above, you may, not later<BR>than November 22, 2004 move the Court to serve as lead plaintiff of the<BR>class, if you so choose. A lead plaintiff is a representative party<BR>that acts on behalf of other class members in directing the litigation.<BR>In order to be appointed lead plaintiff, the Court must determine that<BR>the class member`s claim is typical of the claims of other class<BR>members, and that the class member will adequately represent the class.<BR>Under certain circumstances, one or more class members may together<BR>serve as `lead plaintiff.` Your ability to share in any recovery is<BR>not, however, affected by the decision whether or not to serve as a<BR>lead plaintiff. You may retain Schiffrin & Barroway, or other counsel<BR>of your choice, to serve as your counsel in this action.<BR><BR>[As on 03/11/04] USCLAC<BR>Scott + Scott, LLC, Represents Shareholders in Class Action Lawsuit Against The Federal National Mortgage Corporation (`Fannie Mae`): Lawsuit Filed on 10/8/04 -- FNM<BR>While Fannie Mae Is Sued For Fraud, Other Accounting Restatements Simmer and Insurance Matters Become Focus<BR>COLCHESTER, Conn., Nov. 2, 2004 (PRIMEZONE) -- Scott +Scott, LLC<BR>(http://www.scott-scott.com ) of Colchester, CT. has filed a complaint<BR>charging Fannie Mae and certain of its officers and directors with<BR>violations of the Federal Securities Laws (Securities Exchange Act of<BR>1934). Fannie Mae (fanniemaelitigation@scott-scott.com and<BR>nrothstein@scott-scott.com ) provides financing for home mortgages in<BR>the United States. The Company was chartered by the United States<BR>Congress to provide liquidity in the secondary mortgage market to<BR>increase the availability and affordability of homeownership for low,<BR>moderate and middle income Americans. The firm, with offices in Ohio<BR>and California, announced that a class action was commenced on October<BR>8, 2004 in the United States District Court for the Southern District<BR>of New York, on behalf of purchasers of Federal National Mortgage<BR>Association (`Fannie Mae` or the `Company`) (NYSE:FNM) common stock<BR>during the period between October 16, 2003 and September 22, 2004 (the<BR>`Class Period`). Other firms have stated class periods back to January<BR>13, 2000. Anyone desiring information as to either class periods can<BR>contact the firm.<BR>Fannie Mae, the largest U.S. home funding company, has said it has sold<BR>USD1 billion of two-year global callable notes due Nov. 22, 2006, said<BR>joint book-lead manager Credit Suisse First Boston on Thursday. The<BR>3.00 percent notes were priced at par. The notes have a one-time<BR>European call feature on Nov. 22, 2005. HSBC Securities Inc. and Morgan<BR>Stanley were the other joint lead managers on the sale. Settlement is<BR>Nov. 22.<BR>If you are a member of the class described above, you may, not later<BR>than sixty days from September 23, 2004 move the Court to serve as lead<BR>plaintiff of the class, if you so choose. A lead plaintiff is a<BR>representative party that acts on behalf of other class members in<BR>directing the litigation. In order to be appointed lead plaintiff, the<BR>Court must determine that the class member`s claim is typical of the<BR>claims of other class members, and that the class member will<BR>adequately represent the class. Under certain circumstances, one or<BR>more class members may together serve as `lead plaintiff.` Your ability<BR>to share in any recovery is not, however, affected by the decision<BR>whether or not to serve as a lead plaintiff.<BR><BR>[As on 30/09/04] USCLAC<BR>Company: Federal National Mortgage Association <BR>Ticker Symbol: NYSE:FNM<BR>Class Period: October 16, 2003 to September 22, 2004<BR>Date Filed: Sep-27-04<BR>Lead Plaintiff Deadline: Nov-23-04<BR>Court: Southern District, NY<BR>Allegations: <BR>A lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of Federal National Mortgage Association (`Fannie Mae` or the `Company`) (NYSE:FNM) between October 16, 2003 and September 22, 2004, inclusive, (the `Class Period`). The lawsuit was filed against Fannie Mae and certain officers and directors (`Defendants`). <BR>The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants knew, but actively concealed that the Company employed accounting practices in violation of Generally Accepted Accounting principles in order to maintain a steady earnings progression, that the Company`s officers, including the Defendants, committed these violations in order to achieve performance bonuses, and that the Company lacked adequate internal controls and was unable to ascertain its true financial condition. <BR>Additionally, the firm is also conducting an investigation into the Company regarding potential violations of the Employee Retirement Income Security Act of 1974 (`ERISA`) in relation to its handling of investments in the Company`s employee retirement benefit plan. In particular, the investigation focuses on whether the Company and certain plan administrators breached their fiduciary duties by negligently misrepresenting and failing to disclose material facts to the plan and the participants and permitting the plan to hold Fannie Mae stock when it was imprudent to do so. <BR>If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.<BR><BR>[As on 30/09/04] USCLAC<BR>Company: Fannie Mae <BR>Ticker Symbol: NYSE: FNM<BR>Class Period: January 13, 2000 to September 22, 2004 <BR>Date Filed: Sep-24-04<BR>Lead Plaintiff Deadline: Nov-22-04<BR>Court: District, DC<BR>Allegations: <BR>A class action lawsuit was filed today, on behalf of purchasers of the securities of Fannie Mae, f.n.a. Federal National Home Loan Mortgage Corporation (`Fannie Mae`) (NYSE: FNM) between January 13, 2000 and September 22, 2004 (the `Class Period`) seeking to pursue remedies under the Securities Exchange Act of 1934 (the `Exchange Act`). <BR>This complaint alleges a scandal of tremendous proportion, involving billions of dollars, that combines the worst aspects of Washington, D.C. politics and Wall Street financial and accounting practices. Plaintiff seeks to recover damages, on behalf of itself and all others similarly situated, caused by defendants` violations of federal securities laws and to pursue remedies under the Securities Exchange Act of 1934 (the `Exchange Act`). <BR>The action is pending in the United States District Court for the District of Columbia against defendants Fannie Mae, J. Timothy Howard (Chief Financial Officer), Franklin D. Raines (Chairman and Chief Executive Officer) and Daniel H. Mudd (Chief Operating Officer). <BR>The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between January 13, 2000 and September 22, 2004. <BR>Fannie Mae is one of the biggest financial institutions in the world, with USD1 trillion in reported assets and USD961 billion in reported debt as of December 31, 2003. Both Fannie Mae and Freddie Mac, its smaller rival, are shareholder-owned but charted by the United States Congress for the purpose of maintaining liquidity in the secondary mortgage market. <BR>The complaint alleges that, throughout the Class Period, defendants repeatedly presented Fannie Mae as a conservative, stable and safe investment, and boasted of Fannie Mae`s steady quarter-over-quarter earnings increases, even in times of market volatility. Defendants stated that, `Fannie Mae has a record of growth and stability in earnings that few companies in any industry can match. We have consistently shown ourselves to be one of the strongest and most reliable financial institutions in America.` In 1998 the Company set itself a public goal of doubling its earnings per share in the five years ending in 2003 and, throughout the class period, reported on its healthy progress toward achievement of the goal. In July 2000, the Company boasted of having achieved 50 consecutive quarters of `record operating earnings per common share,` and throughout the Class Period, attributed its success, in part, to `proven risk management capabilities.` The Company issued numerous other false and misleading statements and presented the public with materially false and misleading financial statements that created the illusion that Fannie Mae was a safe and steady earner and largely immune to interest rate fluctuations and other macro-economic factors that, in comparable institutions, resulted in earnings volatility. <BR>The truth emerged on September 22, 2004. On that date, Fannie Mae released a statement that the Office of Federal Housing Enterprise Oversight would release a report which stated in relevant part that Fannie Mae: (a) applied accounting methods and practices that do not comply with GAAP in accounting for the enterprise`s derivatives transactions and hedging activities; (b) employed an improper `cookie jar` reserve in accounting for amortization of deferred price adjustments under GAAP; (c) tolerated related internal control deficiencies; (d) in at least one instance deferred expenses apparently to achieve bonus compensation targets; and (e) maintained a corporate culture that emphasized stable earnings at the expense of accurate financial disclosures. The report further stated that `the matters detailed in this report are serious and raise doubts concerning the validity of previously reported financial results, the adequacy of regulatory capital, the quality of management supervision, and the overall safety and soundness of the Enterprise.` <BR>After Fannie Mae released its statement, Fannie Mae shares, which had opened at USD74.18 that day, fell USD4.18, or 5.6 percent, to USD70.00 and closed out the day at USD70.69. After the close of the market, the OFHEO issued its full 198-page report and, subsequently, in a meeting with reporters, OFHEO officials stated that the vast majority of Fannie Mae`s USD1 trillion derivative portfolio was tainted, and that those hedge relationships would likely get `unwound` if Fannie Mae restated past earnings so that gains and losses that had previously been recorded on Fannie Mae`s balance sheet would be booked under income. On release of the full OFHEO Report, Fannie Mae shares fell another 5.9 percent to a low of USD66.50 on September 23, 2004, for a two day decline of USD7.68, or 10.3 percent. <BR>If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.<BR><BR>[As on 30/09/04]<BR>DEAL : 1: TEXT : 828022: REMARKS:INFORMATION : IND:EN 1C: EFF:99/99/99:(9999) <BR>TARGET:313586109: :FEDERAL NA: INIT:999999999: :9999999999: EXP:99/99/99:(9999) <BR>CASH: 0.00000: :N: PROTECT: : T.AGENT: : INFO: : WDR:99/99/99:(9999) <BR>RATE: 0.00000: :N: : 1.00000:N:DTC: : PRATE: 0.000000: PRO:99/99/99:(9999) <BR>OPT:01: `FEDERAL NATIONAL MORTGAGE CORPORATION` <BR>A CLASS ACTION LAWSUIT WAS FILED IN THE <BR>UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA <BR>ON BEHALF OF SHAREHOLDERS WHO PURCHASED, CONVERTED, EXCHANGED OR <BR>OTHERWISE ACQUIRED THE COMMON STOCK OF FANNIE MAE <BR>BETWEEN JANUARY 13, 2000 AND SEPTEMBER 22, 2004, INCLUSIVE. <BR>NOTE: ONE OR MORE OFFICER AND/OR DIRECTORS HAVE BEEN NAMED IN CLASS <BR>ACTION FILING: <BR>FOR FURTHER INFORMATION CONTACT: <BR>LAW OFFICES OF CHARLES J. PIVEN, P.A. <BR>CHARLES J PIVEN <BR>TEL. 410-986-0036 <BR>E-MAIL: HOFFMAN@PIVENLAW.COM <BR> |
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