According to a press release dated January 4, 2010, Haven Trust was a bank holding company that owned and operated Haven Trust Bank located in Duluth, Georgia. The Complaint alleges that former directors of Haven Trust violated the federal securities laws and Georgia state law by omitting to disclose to investors that its banking subsidiary engaged in certain improper banking practices which were identified by bank examiners prior to and during the Class Period. Due to significant deterioration of the bank's condition, among other things, the banking subsidiary, Haven Trust Bank, sought receivership with the FDIC on December 12, 2009 and the holding company, Haven Trust, filed for bankruptcy protection on February 23, 2009, damaging investors.

On March 18, 2010, the Court issued an order for lead Plaintiff and co-lead Counsel in this proceeding.

On May 17, 2010, an Amended Complaint for Violation of the Federal Securities Laws was filed by the lead Plaintiff against the Defendants.

On January 14, 2011, the Court granted the Defendants’ motion to dismiss this case.