ATLANTA, April 20, 2010 (GLOBE NEWSWIRE) -- Holzer Holzer & Fistel, LLC announces that it has filed a class action lawsuit in the United States District Court for the Western District of Washington on behalf of purchasers of Frontier Financial Corporation ("Frontier Financial" or the "Company") (Nasdaq:FTBK) common stock who purchased shares between July 22, 2008 and March 16, 2010. The lawsuit alleges, among other things, that the Company improperly accounted for its real estate loans and construction and land development loans by failing to accurately reflect impairment in the loans. According to the complaint, Frontier Financial also failed to maintain adequate loan loss reserves resulting in the Company being "critically undercapitalized" pursuant to banking regulations.
If you purchased shares of Frontier Financial common stock during the Class Period, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than June 14, 2010. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. If you are a Frontier Financial investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Michael I. Fistel, Jr., Esq., or Marshall P. Dees, Esq. via email at mfistel@holzerlaw.com or mdees@holzerlaw.com, or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm.