Contact Information: Contact: Joseph Gentile SARRAF GENTILE LLP 11 Hanover Square New York, NY 10005 T 212.868.3610 F 212.918.7967 www.sarrafgentile.com
Sarraf Gentile LLP Files Class Action Lawsuit Against Franklin Bank Corp.
| Source: Sarraf Gentile LLP
NEW YORK, NY--(Marketwire - June 13, 2008) - The law firm of Sarraf Gentile LLP has filed a
class action lawsuit on behalf of all persons who purchased the common or
preferred stock of Franklin Bank Corp. (NASDAQ : FBTX ) (AMEX : FBK-P )
("Franklin" or the "Company"), between April 26, 2007, and May 1, 2008,
inclusive (the "Class Period"). The action is pending in the United States
District Court for the Southern District of Texas.
According to the complaint, the defendants violated the Securities Exchange
Act of 1934 by engaging in a variety of accounting improprieties, including
their admitted failure to charge off uncollectible loans and to mark
Franklin's loans to market. As a result of the misconduct alleged, the
complaint alleges that defendants understated the Company's delinquent,
nonperforming, and uncollectible loans and thereby misrepresented
Franklin's financial condition and results, including its overall and
per-share profits and the fair market value of its residential mortgage
loan portfolio.
If you purchased Franklin stock during the Class Period, you may, no later
than August 5, 2008, request that the Court appoint you as lead plaintiff
of the class. A lead plaintiff is a class member that acts on behalf of
other class members in directing the litigation. Although your ability to
share in any recovery is not affected by the decision whether or not to
seek appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
For more information about the case, the claims, and your rights, please
contact Sarraf Gentile LLP who will, without obligation or cost to you,
attempt to answer your questions. Sarraf Gentile LLP is active in major
class action litigations pending across the nation. You may contact Sarraf
Gentile LLP at 11 Hanover Square, New York, New York 10005 (telephone:
212-868-3610; e-mail: joseph@sarrafgentile.com).
ATTORNEY ADVERTISING. Prior results do not guarantee a similar outcome.