BENSALEM, Pa., March 22, 2007 (PRIME NEWSWIRE) -- Law Offices of Howard G. Smith announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock of Coast Financial Holdings Inc. ("Coast Financial" or the "Company") (Nasdaq:CFHI) between October 28, 2005 and January 19, 2007, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Middle District of Florida.
The Complaint alleges that defendants violated federal securities laws by issuing material misrepresentations to the market concerning the Company's business and prospects, thereby artificially inflating the price of Coast Financial securities.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Coast Financial common stock between October 28, 2005 and January 19, 2007, you have certain rights, and have 60 days from the date of this Notice in which to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, Toll-Free at (888) 638-4847, by email to howardsmithlaw@hotmail.com or visit our website at www.howardsmithlaw.com.