SOURCE: Rosen Law Firm PA

June 07, 2008 13:06 ET

The Rosen Law Firm Announces the Filing of Shareholder Class Action Charging Franklin Bank Corp. With Violations of the Federal Securities Laws - FBTX

NEW YORK, NY--(Marketwire - June 7, 2008) - The Rosen Law Firm today announced that a class action lawsuit has been filed on behalf of purchasers of Franklin Bank Corp. (the "Company") (NASDAQ: FBTX) common or preferred stock during the period from October 29, 2007 through May 1, 2008 (the "Class Period").

To join the Franklin Bank class action, go to the website at http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER.

The complaint alleges that defendants engaged 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, 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 profit of its residential mortgage loan portfolio.

A class action lawsuit has already been filed on behalf of Franklin Bank shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than August 5, 2008. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.

The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.

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