SFMS Announces An Investigation To Determine Whether The Stock Price Of National Lampoon, Inc. Was Artificially Inflated

December 16th, 2008

Shepherd, Finkelman, Miller & Shah, LLP ("SFMS" or "Firm") (http://www.sfmslaw.com; e-mail: nzipperian@sfmslaw.com), a law firm with offices in California, Connecticut, Florida, New Jersey and Pennsylvania, announced today that it is investigating claims on behalf of shareholders related to whether an officer of National Lampoon, Inc. ("National Lampoon" or "Company") (AMEX:NLN - News) participated in a stock manipulation scheme in order to artificially inflate its stock prices. SFMS specifically is investigating whether, from on or about March 1, 2008 through on or about June 30, 2008, National Lampoon's chief executive paid kickbacks to stock promoters in order to create the false impression of steady demand for National Lampoon stock and artificially inflate the price of the Company's stock.

If you would like to discuss this investigation, have information regarding this alleged stock manipulation scheme or have any question regarding this investigation, please contact us toll-free at the telephone numbers or electronic mail addresses provided below. SFMS ( http://www.sfmslaw.com) is a law firm that represents investors, including institutions and individuals, as well as consumers in class action and other complex litigation, and maintains offices in California, Connecticut, Florida, New Jersey and Pennsylvania. The Firm's attorneys have appeared in matters on behalf of our clients throughout the United States and have been appointed lead counsel in a number of class actions and corporate governance matters.

If you would like to learn more about this investigation, please contact Nathan Zipperian (1-877-891-9880; nzipperian@sfmslaw.com) or James E. Miller (1-866-540-5505; jmiller@sfmslaw.com).