RADNOR, Pa., Sept. 24 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of securities of Thornburg Mortgage, Inc. (NASDAQ:TMA) ("Thornburg" or the "Company") from October 6, 2005 through August 17, 2007, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The Complaint charges Thornburg and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Thornburg Mortgage operates as a single-family residential mortgage lending company that originates, acquires, and retains investments in adjustable and variable rate mortgage assets. 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 was facing an increasing level of margin calls; (2) that the Company was experiencing increasing difficulties in funding its operations and selling its securities; (3) that the Company was in a precarious liquidity position due to reduced financing options; (4) that the Company's financial situation had significantly deteriorated causing the Company to sell over $20 billion in securities at a steep discount; (5) that the Company's financial statements were materially false and misleading; and (6) that the Company lacked adequate internal and financial controls. Beginning on August 7, 2007, investors were shocked when numerous financial analyst firms and ratings agencies downgraded the Company's securities due to liquidity concerns. On this news, the Company's shares declined $1.89 per share, or 7.9 percent, to close on August 7, 2007 at $21.95 per share, on unusually heavy trading volume. On August 10, 2007, Standard & Poor's ("S&P") cut the Company's credit rating from "B" to "BB" stating that Thornburg's access to repo funding was restricted, that the Company was facing increasing margin calls, and that the Company's reliance on short-term funding was further restricting its access to liquidity. On this news, the Company's shares fell an additional $3.17 per share, or 14.9 percent, to close on August 10, 2007 at $18.06 per share, again on heavy trading volume. Then on August 13, 2007, The Associated Press reported that as a result of the S&P downgrade, the Company would "likely have to pay higher interest or provide more collateral to borrow money in the future." On this news, the Company's shares declined an additional $3.78 per share, or over 20.9 percent, to close on August 13, 2007 at $14.28 per share, on heavy trading volume. On August 14, 2007, the Company's securities were downgraded by additional financial analyst firms and Moody's cut the Company's credit ratings two levels to B2, its fifth-highest speculative-grade ranking. On this news, the Company's shares declined an additional $6.67 per share, or 46.7 percent, to close on August 14, 2007 at $7.61 per share, on heavy trading volume. Later on August 14, 2007, the Company confirmed that it was suffering from a liquidity crunch and that it was facing increased margin calls, and disclosed that it was postponing its quarterly dividend. Then on August 20, 2007, the Company sold $20.5 billion of securities at a steep discount to pay down debt. As a result, the Company stated that it would record a $930 million loss in the third quarter on the sale, "resulting in a probable net loss for the year." On this news, the Company's shares declined an additional $1.54, or 10.2 percent, to close on August 20, 2007 at $13.50 per share, on heavy trading volume. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com/ If you are a member of the class described above, you may, not later than October 22, 2007, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin Barroway Topaz & Kessler or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin Barroway Topaz & Kessler, LLP Darren J. Check, Esq. Richard A. Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin Barroway Topaz & Kessler, LLP CONTACT: Darren J. Check, Esq., or Richard A. Maniskas, Esq., both of Schiffrin Barroway Topaz & Kessler, LLP, +1-888-299-7706, +1-610-667-7706, Web site: http://www.sbtklaw.com/

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