Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Frontier Financial Corporation
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/frontierfinancial/) today announced that a class action has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of Frontier Financial Corporation (“Frontier”) (NASDAQ:FTBK) common stock during the period between July 22, 2008 and March 16, 2010, inclusive (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/frontierfinancial/. Any member of the putative 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.
The complaint charges Frontier and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Frontier is a financial holding company providing financial services through its commercial bank subsidiary, Frontier Bank, which provides various commercial banking services.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results and engaged in improper behavior which harmed Frontier’s investors by failing to disclose the extent of seriously delinquent commercial real estate loans and construction and land loans. The Company also failed to adequately and timely record losses for its impaired loans, causing its financial results and its Tier 1 capital ratio to be materially false. As a result of defendants’ false and misleading statements, Frontier stock traded at artificially inflated prices during the Class Period, reaching a high of $186.00 per share on September 19, 2008.
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