SOURCE: Brower Piven, A Professional Corporation

December 03, 2010 15:57 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Green Bankshares, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 18, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - December 3, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Tennessee on behalf of purchasers of the securities of Green Bankshares, Inc. ("Green Bankshares" or the "Company") (NASDAQ: GRNB) during the period between January 19, 2010 and November 9, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 18, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was overvaluing the collateral of certain loans such that the Company was failing to timely take impairment charges to reduce the carrying values of certain loans to appropriate market values. According to the complaint, on October 20, 2010, Green Bankshares announced its financial results for the 2010 fiscal third quarter and disclosed that the Company's net charge-offs increased on a sequential basis to $36.5 million from $4.9 million in the prior quarter and indicated that it had engaged an independent third-party loan reviewer, and after, on November 9, 2010, the Company announced that in consultation with the Federal Reserve Bank of Atlanta, Green Bankshares had given notice to the U.S. Treasury Department that the Company was suspending the payment of regular quarterly cash dividends on the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the U.S. Treasury Department and that "two large relationships totaling approximately $31.4 million, after charge-offs of $20.7 million," had defaulted during the third quarter, the value of Green Bankshares stock declined significantly.

If you have suffered a net loss for all transactions in Green Bankshares, Inc. securities during the Class Period (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact