NEW YORK, Nov. 9, 2007 (PRIME NEWSWIRE) -- The Rosen Law Firm today announced that it has filed a class action alleging violations of the federal securities laws on behalf of purchasers of WSB Financial Group, Inc. ("WSB" or the "Company") (Nasdaq:WSFG) stock from the date of the Company's Initial Public Offering (the "IPO") on December 14, 2006 to October 24, 2007 (the "Class Period").
To join the WSB class action, go to the website at http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
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. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER.
The complaint charges that WSB, certain of its officers and directors and the Company's underwriter with violations of Sections 11 and 15 of the Securities Act of 1933 by issuing a false and misleading Registration Statement and Prospectus (collectively the "Registration Statement") in connection with the Company's IPO.
In particular, the Complaint asserts that WSB's Registration Statement was inaccurate because it failed to reveal that the Company had been violating certain banking laws and regulations relating to the origination, administration and monitoring of mortgage and construction loans. The Complaint asserts that when the market learned of this adverse information, the price of WSB's stock declined dramatically.
A class action lawsuit has already been filed on behalf of WSB shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than December 31, 2007. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca