Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired the common stock of National Lampoon, Inc. (“National Lampoon” or the “Company”) (Pink Sheets: NLMP) (formerly NYSE Amex: NLN) between March 1, 2008 and December 15, 2008, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”).

The Complaint names National Lampoon and certain of the Company’s current and former executive officers and directors as defendants. National Lampoon is a media and entertainment company that develops, produces, and distributes comedic content. It licenses the National Lampoon brand, as well as content from its library for use in movies, television programming, radio broadcasts, recordings, electronic games, and live events.

The Complaint alleges that during the Class Period, the Company and its former CEO, Daniel Laikin, were engaged in an unlawful scheme to inflate the price of National Lampoon stock by paying “consultants” to purchase the Company’s stock. The scheme involved an effort to manipulate the price of National Lampoon stock by paying undisclosed kickbacks to individuals to purchase and hold the stock to create the illusion of market interest in the stocks. The objective was to induce the investing public to purchase the stock based on this artificial trading volume and, thus, increase the stock’s value.

On December 15, 2008, former CEO Daniel Laikin and others were charged with conspiracy and securities fraud by federal prosecutors, in connection with this market manipulation scheme. That same day, National Lampoon’s stock was suspended by the SEC. When the Company’s stock resumed trading on February 5, 2009, it fell from $0.73 per share to $0.50 per share and then plummeted to $0.10 per share in the following days causing huge losses for the Company’s investors.

If you wish to serve as lead plaintiff, you must move the Court no later than February 7, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or via our website: http://www.rigrodskylong.com/news/NationalLampoonInc-NLMP. 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

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