SOURCE: Holzer Holzer & Fistel, LLC

March 27, 2008 15:24 ET

Holzer Holzer & Fistel, LLC Announces That a Shareholder Derivative Action Has Been Filed Against Regions Financial Corporation

ATLANTA, GA--(Marketwire - March 27, 2008) - A shareholder derivative lawsuit has been filed in the United States District Court for the Northern District of Alabama against, among others, Regions Financial Corporation's ("Regions" or the "Company") (NYSE: RF) Board of Directors (the "Board"). Regions is named as a nominal defendant.

The shareholder derivative action alleges that the Board, among others, violated the Securities Exchange Act, breached fiduciary duties, engaged in insider selling, wasted corporate assets and were unjustly enriched. Specifically, the complaint alleges, among other things, that the Board covered up the Company's subprime exposure, causing the Company's stock price to be artificially inflated. The complaint alleges that while the Company's subprime exposure was hidden, the Board authorized a major stock buyback, causing the Company to overpay for the stock. At the same time, the complaint alleges, several Board members unloaded over $63 million worth of their personally owned stock reaping unfair profits.

Current shareholders of Regions with questions concerning their legal rights are invited to contact Holzer Holzer & Fistel, LLC and its attorneys Corey D. Holzer, Esq. or Marshall P. Dees, Esq. via email to cholzer@holzerlaw.com and 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. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content.