NEW YORK, NY -- (MARKET WIRE) -- 05/29/07 -- Abraham Fruchter & Twersky LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of investors of Optionable Inc. ("Optionable" or the "Company") (OTCBB: OPBL) who purchased the publicly traded securities of Optionable between September 27, 2005 and May 14, 2007, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").

The complaint charges Optionable and certain of its officers and directors with violations of the Exchange Act. The Company provides services for the brokerage of energy derivatives to brokerage firms, financial institutions, energy traders, and hedge funds in the United States. The complaint alleges that throughout the Company's history, Optionable understated its dependence on BMO Financial Group ("BMO"), also known as Bank of Montreal, and that Optionable improperly concealed material losses incurred by BMO in connection with trades BMO transacted through Optionable. On April 27, 2007, when BMO announced that its mark-to-market commodity trading losses were estimated to be between $350 million and $450 million (pre-tax) in the second quarter of 2007, shares of the Company's stock fell $1.45 per share, or almost 21%, to close at $5.56 per share after investors recognized that BMO accounted for at least 24% of the Company's revenues in 2006.

Shares of the Company's stock continued to decline as investors learned that: (i) NYMEX Holdings, Inc. ("NYMEX") had resigned its board representation of Optionable; (ii) Kevin Cassidy ("Cassidy") had resigned as Chairman and CEO; and (iii) Cassidy served time in prison for a felony conviction on credit card fraud in 1997 and for income tax evasion in 1993. Prior to disclosing these adverse facts, Cassidy, Edward J. O'Connor, President of Optionable, and Mark Nordlicht, Chairman of the Board and a founder of Optionable, were able to sell 10,758,886 shares of their personally held Optionable stock to NYMEX for gross proceeds in excess of $28 million.

Plaintiff is represented by Abraham Fruchter & Twersky LLP, which has expertise in prosecuting investor class actions. If you purchased or otherwise acquired the publicly traded common stock of Optionable between September 27, 2005 to May 14, 2007, you may, no later than July 10, 2007, request that the Court appoint you as lead plaintiff. If you wish to serve as lead plaintiff, you must meet certain legal requirements set forth in the applicable law and file appropriate papers with the Court. You do not need to seek appointment as a lead plaintiff in order to share in any recovery. Under certain circumstances, one or more Class members may together serve as lead plaintiff. You may retain Abraham Fruchter & Twersky LLP, or other counsel of your choice, to serve as your counsel in this action or you may choose to do nothing and remain an absent class member.

If you have any questions concerning this case or your rights or interests with respect to this matter, please contact plaintiff's counsel: Jack Fruchter, Esq. or Larry Levit, Esq. of Abraham Fruchter & Twersky LLP, One Penn Plaza, Suite 2805, New York, New York 10119, by telephone at (212) 279-5050, by facsimile at (212) 279-3655, or by e-mail at jfruchter@aftlaw.com or llevit@aftlaw.com.

Contact:
Jack Fruchter, Esq.
Larry Levit, Esq.
Abraham Fruchter & Twersky LLP
One Penn Plaza, Suite 2805
New York, New York 10119
telephone: (212) 279-5050
facsimile: (212) 279-3655
e-mail: Email Contact or Email Contact