SOURCE: Izard Nobel LLP

April 15, 2010 18:08 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Frontier Financial Corporation

WEST HARTFORD, CT--(Marketwire - April 15, 2010) -  The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Western District of Washington on behalf of purchasers of 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"). 

The Complaint charges that Frontier and certain of its officers and executives violated federal securities laws by issuing materially false statements regarding the Company's business and financial results and failing to disclose the extent of seriously delinquent commercial real estate loans and construction and land loans. Frontier also failed to adequately and timely record losses for its impaired loans, causing its financial results and its Tier 1 capital ratio to be materially false.

On March 16, 2010, Frontier announced that it had received a Supervisory Prompt Corrective Action Directive from the Federal Deposit Insurance Corp ("FDIC") warning that it was "critically undercapitalized" which could lead to Frontier being placed into conservatorship or receivership, raising doubt about the ability of the Company to continue as a going concern. Frontier then restated its previously announced fourth quarter and year end 2009 results as the FDIC determined that Frontier's loan loss provision and its valuation adjustment of other real estate owned were understated by $30 million and $3.5 million, respectively.

If you are a member of the class, you may, no later than June 14, 2010, 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.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/frontierfinancial/, or contact Izard Nobel LLP toll-free: 800-797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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