On March 16, 2010, after the market closed, the Company issued a press release revising downward its financial results for the fourth quarter and year ended December 31, 2009, to reflect, among other things, an additional $30 million provision for loan losses and a $4.3 million (pre-tax) other-than-temporary impairment loss on available for sale securities. The Company informed investors that these adjustments reduced Frontier Bank’s Tier 1 capital to a level causing the Company to become critically undercapitalized.The next day, as a result of this news, the price of Frontier stock dropped $1.35 per share, or nearly 32%, to close on March 17, 2010, at $2.89 per share on heavy volume of more than 710,000 shares traded. Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud. If you are a member of the class described above, you may move the Court, no later than June 14, 2010, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com.
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.