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WSB Financial Group, Inc. Summary: On November 19, 2007, an order regarding initial disclosures, joint status report and early settlement was entered. A stipulation and proposed order in regards to the consolidation and scheduling by parties was entered on November 29, 2007. On December 31, 2007, a motion to appoint lead plaintiff and the selection of lead counsel was filed. On January 02, 2008, a motion to consolidate cases was entered. Lastly, an order consolidating cases was entered on March 10, 2008.
According to press release dated October 31, 2007, a class action lawsuit was filed on behalf of purchasers of the securities of WSB Financial, Inc. after the company initial public offering seeking to pursue remedies under the 1933 Act. The class action on behalf of all persons who purchased WSB shares, issued pursuant to the December 2006 Registration Statement and Prospectus. WSB is the holding company for Westsound Bank, a Bremerton, Wash.-based financial institution that serves the Puget Sound area.
Specifically, the complaint charges WSB, certain of its officers and directors, and the Company's underwriter with violations of the Act. According to the complaint, the company's registration statement for the IPO failed to disclose that the company had been violating certain banking laws and regulations relating to the origination, administration and monitoring of construction and mortgage loans. Due to the company's misleading statements the WSB stock was traded as high as $21 per share during the class period.
The complaint further alleges that beginning in September of 2007 a series of announcements and investigations into the company's lending practices caused the WSB stock to plummet. In late September the company announced that due to the reduced demand of mortgage loans in the market 33 jobs would be eliminated in the mortgage division of the company and, that WSB's executive vice president of sales and lending at Westsound Bank was terminated. As a result stock price fell from $15.30 to $12.40. In a final blow, the company announced that state and federal regulators were looking into possible fraud and misconduct in its real estate lending practices. Within two days of this announcement the company's stock dropped nearly 60 percent, from $11.20 on October 24, 2007 to $4.73 on October 25, 2007.
INDUSTRY CLASSIFICATION:
SIC Code: 6022
Sector: Financial
Industry: Regional Banks
| COMPANY/ISSUER NAME: | WSB Financial Group, Inc. |
| COMPANY/ISSUER TICKER: | WSFG |
| COMPANY WEBSITE: | http://www.westsoundbank.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Robert McLain, et al. v. WSB Financial Group, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial | |||
| Type: Complaint | Date on the document: 10/30/2007 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 8/26/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint for Violation of the Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Ronald E. House, et al. v. WSB Financial Group, Inc., et al. | |||
| Type: Complaint | Date on the document: 11/08/2007 | ||
| Class Action Complaint for Violation of the Securities Laws - Demand for Jury Trial | |||
| Case Name and/or Number: Sandra Elterich, et al. v. WSB Financial Group, Inc., et al. | |||
| Type: Complaint | Date on the document: 11/13/2007 | ||
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