CONTACT:
Karen Gorecki
Robert Peirce & Associates, Inc.
(412) 281-7229
kgorecki@peircelaw.com

Lawsuit Filed Against Fannie Mae for Misrepresentation to Shareholders

Lawsuit seeks damages stemming from fraudulent and misrepresented statements and facts in the investment of Fannie Mae stock.

Pittsburgh, Pennsylvania, September 24, 2008– Robert N. Peirce, III of Robert Peirce & Associates, P.C. filed a class action lawsuit today against members of the Board of Directors of Fannie Mae in a shareholder derivative suit, alleging that the members of the Board knowingly misrepresented that Fannie Mae was a safe investment in the face of the pending economic crisis currently plaguing our nation’s markets. A shareholder derivative suit asks for a court to determine whether members of a Board of Directors erred in their handling of the company’s business and assets to the detriment of all shareholders. The suit seeks to compensate class members for the Board members’ fraudulent, false and deceptive statements that induced members of the public to invest in its publicly-held stock when they knew it was undercapitalized and sure to falter.

Robert Peirce & Associates, P.C. has represented the rights of the injured and victimized for over twenty years. The practice, which is based in Pittsburgh, PA, focuses primarily on representing individuals with Personal Injury, Social Security disability, Toxic Torts, Railroad FELA, Nursing Home Neglect and Abuse, Prescription Drug Injuries, Class Actions and Employment Law claims.