CINCINNATI, Oct. 27, 2010 (GLOBE NEWSWIRE) -- Attorney Advertising
The law firm of Statman Harris & Eyrich, LLC, which has significant experience in class actions, announced today that it is investigating Green Bankshares, Inc. ("Green Bankshares" or the "Company") (Nasdaq:GRNB) for potential violations of state and federal law. Green Bankshares, Inc. operates as the bank holding company for GreenBank, which provides commercial banking services primarily in Tennessee.
The firm's investigation was triggered on October 20, 2010, when the Company issued a press release announcing its operating results for the third quarter 2010. Green Bankshares announced that its net loan charge-offs were much higher than previously reported:
Green Bankshares, Inc. (Nasdaq:GRNB), the holding company for GreenBank, today reported a net loss available to common shareholders of $36.4 million or $2.78 per diluted share for the third quarter of 2010 compared with a net loss available to common shareholders of $7.7 million or $0.59 per diluted share for the year-earlier quarter. The third quarter of 2010 reflected higher costs related to loan charge-offs, coupled with losses incurred on Other Real Estate Owned (OREO) resulting from sales completed and updated property appraisals received. For the first nine months of 2010, net loss available to common shareholders was $32.9 million or $2.51 per diluted share compared with $155.6 million or $11.91 per diluted share for the first nine months of 2009.
The Company stated that this announcement came on the heels of an independent third-party review.
As a direct result of this news, on October 21, 2010, the Company's stock fell to $3.68 per share, a decline of over 43% on unusually high trading volume.
Shareholders who purchased Green Bankshares stock between January 19, 2010 and October 20, 2010 may have a claim against the Company and are encouraged to contact attorney Melinda Nenning at (513) 345-8181, Ext. 3095 or mnenning@statmanharris.com for further information without any obligation or cost to you.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio. www.statmanharris.com
CONTACT: Statman, Harris & Eyrich, LLC Melinda S. Nenning, Esq. (513) 345-8181, Ext. 3095 mnenning@statmanharris.com 441 Vine Street, Suite 3700 Cincinnati, Ohio 45202