(Source: MARKET WIRE)The Securities Arbitration Law Firm of Tramont Guerra & Nunez, PA (TGN) makes an announcement to Fannie Mae Preferred Stock, Series T, Shareholders (NYSE: FNM-PT). The Fannie Mae Preferred Stock "Series T" class action lawsuit (Case No. 08 CV 08008) filed September 17, 2008, included amongst the named parties the following Wall Street underwriters of the stock issue; Merrill Lynch (NYSE: MER), Citigroup Global Markets (NYSE: C), Morgan Stanley (NYSE: MS), UBS Securities, (NYSE: UBS), Wachovia Capital Markets (NYSE: WB). The five named underwriters were the lead managers of the stock offering with responsibilities to review the Circular Offering distributed to investors.

The class action lawsuit alleges that the statements made in the Offering Circular by the underwriting syndication were materially false and misleading. Many investors were advised by their financial advisors that the Fannie Mae Preferred Stock, Series T was a suitable investment for conservative investors who had income investment objectives. Brokerage firms are obligated to give and investors are entitled to rely upon brokerage firms for, competent, suitable investment advice in accordance with the Financial Industry Regulatory Authority (FINRA) Rules and Regulations. Sales practice violations, such as the recommendation of unsuitable investments and concentration in a particular security or sector, are both violations which qualify for damages from a security arbitration claim filed with the Financial Industry Regulatory Authority (FINRA). In some cases, shareholders must "opt-out" as a class member in order to pursue a securities arbitration claim, otherwise this legal option is not available.

The Securities Arbitration Law Firm of Tramont Guerra & Nunez, PA, is a bilingual law firm located in Coral Gables, Florida. To request a confidential consultation from a TGN attorney concerning losses that were the result of sales practice violations in a full service brokerage account, contact us on our website at http://www.stockmarketlosslawyer.com/securities-concentration.htm. To speak directly with an attorney, call (800) 578-0137 and ask for David Chacin, Esquire.

 Contact: David Chacin, Esquire (800) 578-0137  

SOURCE: Tramont, Guerra & Nunez, P.A.