NEW YORK, Sept. 11, 2010 (GLOBE NEWSWIRE) -- The Rosen Law Firm today announced that it has commenced an investigation relating to allegations that the Florida Community Bank (Pink Sheets:FLRB) (formerly FLCM) Employee Stock Ownership Plan (the "Plan") may have violated the Employee Retirement Income Security Act of 1974.
The Rosen Law Firm's investigation focuses on concerns that Florida Community Banks and the Plan's fiduciaries may have breached their fiduciary duties of loyalty and prudence to the Plan's participants. A breach may have occurred if the fiduciaries failed to prudently manage the Plan's assets, by among other things, offering Company stock as a Plan investment option, requiring participants to invest in the stock, and investing and holding Company contributions in the stock at a time when the stock was not a suitable and appropriate investment option. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plan's participants with respect to the Company's business, financial results and operations, thereby encouraging participants and beneficiaries to continue to make and maintain substantial investments of Company stock in the Plan.
If you are a member of the Florida Community Bank Employee Stock Ownership Plan and purchased or held company stock through the Plan, and would like further information concerning your legal rights or your ability to recover your investment losses, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and complex shareholder litigation.
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CONTACT: The Rosen Law Firm P.A. Laurence Rosen, Esq. lrosen@rosenlegal.com Phillip Kim, Esq. pkim@rosenlegal.com (212) 686-1060 Weekends Tel: (917) 797-4425 1-866-767-3653 Fax: (212) 202-3827 350 5th Avenue, Suite 5508 New York, NY 10118 www.rosenlegal.com