Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Frontier Financial Corporation, Announces Class Action Lawsuit And Seeks To Recover Losses
Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Western District of Washington on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the common stock of Frontier Financial Corporation (“Frontier” or the “Company”) (NASDAQ:FTBK) between July 22, 2008 and March 16, 2010, inclusive (the “Class Period”).
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
The Complaint charges Frontier and certain of the Company’s current and former executive officers with violations of federal securities laws. Frontier is a financial holding company providing financial services through its commercial bank subsidiary, Frontier Bank, which provides commercial banking services -- primarily generating deposits and originating loans. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Frontier’s business and financial performance were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (a) that defendants failed to properly account for Frontier’s real estate, construction and land loans; (b) that the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); (c) that the Company lacked adequate internal and financial controls; (d) that Frontier had not adequately reserved for loan losses such that its Tier 1 capital was presented in violation of banking regulations; and (e), that the Company failed to adequately and timely record losses to impaired real estate, construction and loans and that Frontier’s Tier 1 capital ratio was at risk of falling to a “critically undercapitalized” level under banking regulations.
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