Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Guaranty Financial Group, Inc. to ...
November 17 2011 - 11:28AM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Northern District of Texas on behalf of purchasers of
the common stock of Guaranty Financial Group, Inc. ("GFG" or the
"Company") (PINKSHEETS: GFGFQ) formerly (NYSE: GFG) during the
period between December 12, 2007 and August 24, 2009, inclusive
(the "Class Period").
If you have suffered a net loss for all transactions in GFG
common stock during the Class Period, you may obtain additional
information about this lawsuit and your ability to become a lead
plaintiff by contacting Brower Piven at www.browerpiven.com, by
email at hoffman@browerpiven.com, by calling 410/415-6616, or at
Brower Piven, A Professional Corporation, 1925 Old Valley Road,
Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and class action cases of over 60
years.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than January 10, 2012 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You are not required to have sold your
shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that the Company failed to
accurately value its assets by delaying the recognition of its
impaired assets to inflate its reported income and regulatory
capital, misrepresented its true financial condition, liquidity,
capital and ability to repay its debt obligations, would be unable
to satisfy its future debt obligations as they matured, and,
through Guaranty Bank, was engaged in unsafe and/or unsound banking
practices such that its reported financial results were
artificially inflated. According to the complaint, on August 24,
2009, the Company disclosed that Guaranty Bank had been closed by
the Office of Thrift Supervision, that the Federal Deposit
Insurance Corporation had been appointed as receiver to Guaranty
Bank and that the New York Stock Exchange had suspended trading in
GFG common stock, events triggered by the Company's true financial
condition, causing GFC shareholders to suffer significant
losses.
If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain
other counsel of your choice. You need take no action at this time
to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
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