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Thornburg Mortgage Inc (NYSE: TMA) Investor Securities Class Action Lawsuit 10/27/2008

  • If you purchased shares of Thornburg Mortgage Inc (NYSE: TMA), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Thornburg Mortgage
Security
NYSE: TMA

Case Name
Thornburg Mortgage Shareholder Class Action Lawsuit 10/27/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Mexico

Deadline To File for Lead
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Summary

March 4, 2010 - One plaintiff filed a notice of voluntary dismissal without prejudice.
January 13, 2009 - Plaintiffs filed a stipulation regarding appointment of lead plaintiffs and lead counsel.

December 29, 2008 - Lead plaintiff motions were filed.

October 27, 2008 - An investor of shares in Thornburg Mortgage Inc (NYSE: TMA) filed a lawsuit in the U.S. District Court for the District of New Mexico over alleged violations of Federal Securities Laws

According to the complaint the plaintiff alleges on behalf of all persons who tendered shares of Thornburg Series C, D, E or F Preferred Stock of Thornburg Mortgage Inc (NYSE: TMA; TMA-PC; TMA-PD; TMA-PE; TMA-PF) pursuant to the Tender Offer originally launched on July 23, 2008, and the definitive proxy statement filed with the Securities and Exchange Commission and disseminated to shareholders that same day over alleged violations of Securities Laws that Thornburg Mortgage Inc violated Securities Exchange Act of 1934.

According to the complaint the plaintiff alleges that Thornburg Mortgage Inc, Thornburg Mortgage Inc’s Board of Directors, MP TMAC LLC, MP TMA (Cayman) LLC, and MatlinPatterson LLC (d/b/a “MatlinPatterson Global Advisers LLC”)(collectively, “MatlinPatterson”), violated federal securities laws. The plaintiff alleges, among other things, that the Proxy fails to provide shareholders with certain material information and that the Thornburg Mortgage Inc Board has placed its own self-interest above those of Thornburg Mortgage Inc’s shareholders by agreeing to sell 90% of Thornburg Mortgage Inc to MatlinPatterson in return for grossly inadequate consideration in the form of a risk-free loan of approximately $1.3 billion; and launching a coercive tender offer aimed at eliminating the Thornburg Mortgage Inc’s preferred shareholders, simultaneously diluting and devaluing the common shares held by public shareholders.