SOURCE: Shalov Stone Bonner & Rocco LLP

July 15, 2008 18:03 ET

Shalov Stone Bonner & Rocco LLP Reminds Franklin Bank Corp. Investors That the Lead Plaintiff Deadline Is August 5, 2008, and That the Expanded Class Period Is April 26, 2007, Through May 1, 2008

NEW YORK, NY--(Marketwire - July 15, 2008) - The law firm of Shalov Stone Bonner & Rocco LLP, which has filed a securities fraud class action on behalf of all investors who purchased or otherwise acquired the common or preferred stock of Franklin Bank Corp. (NASDAQ: FBTX) (AMEX: FBK-P) ("Franklin" or the "Company"), in the period between April 26, 2007, and May 1, 2008, inclusive (the "Class Period"), reminds investors that August 5, 2008, is the deadline to ask the Court to appoint you as a lead plaintiff in the class action. The lawsuit is pending in the United States District Court for the Southern District of Texas and names as defendants Franklin and the Company's CEO and CFO during the Class Period.

According to the complaint, the defendants violated the Securities Exchange Act of 1934. Specifically, the complaint alleges that, during the Class Period, the 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 uncollectable loans and thereby misrepresented Franklin's financial condition and results, including its overall and per-share profits and the fair market value of its residential mortgage loan portfolio.

Plaintiffs are represented by the law firm of Shalov Stone Bonner & Rocco LLP, which has extensive experience in the prosecution of class actions on behalf of investors. For more information about the firm, please visit its website at: www.lawssb.com

If you wish to serve as a lead plaintiff, you must move the Court no later than August 5, 2008.

For additional information about the lawsuit, please contact Ralph M. Stone or Thomas G. Ciarlone, Jr., at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; e-mail: rstone@lawssb.com or tciarlone@lawssb.com).

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Contact Information

  • CONTACT:
    Ralph M. Stone
    Thomas G. Ciarlone, Jr.
    Shalov Stone Bonner & Rocco LLP
    485 7th Ave., Suite 1000
    New York, NY 10018
    (212) 239-4340
    Fax (212) 239-4310
    Email Contact
    http://www.lawssb.com