WSFG Wsb Financial Grp. (MM)

SEATTLE, Oct. 31 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP ("Hagens Berman") (http://www.hbsslaw.com/wsfg.htm) announced that it has filed a proposed class-action lawsuit in the United States District Court for the Western District of Washington in Tacoma on behalf of purchasers of the securities of WSB Financial, Inc. ("WSB" or the "Company") (NASDAQ:WSFG) after the company initial public offering ("IPO") seeking to pursue remedies under the 1933 Act (the "Act"). The class action on behalf of all persons who purchased WSB shares, issued pursuant to the December 2006 Registration Statement and Prospectus (the "Class"), excluding Defendants, from December 14, 2006 to October 23, 2007. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from October 30, 2007. If you wish to consider joining this action as lead plaintiff, discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Reed Kathrein of Hagens Berman at 510/725-3000 or via e-mail . You can view a copy of the complaint as filed or join this class action online at http://www.hbsslaw.com/wsfg.htm. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). WSB is the holding company for Westsound Bank, a Bremerton, Wash.-based financial institution that serves the Puget Sound area. 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. 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. Hagens Berman Sobol Shapiro, a law firm with offices in Seattle, San Francisco, Los Angeles, Boston, Chicago and Phoenix, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Hagens Berman Web site (http://http//www.hbsslaw.com) has more information about the firm. Contact: Hagens Berman Sobol Shapiro LLP Reed R. Kathrein 510-725-3000 http://www.hbsslaw.com/ DATASOURCE: Hagen Berman Sobol Shapiro LLP CONTACT: Reed R. Kathrein of Hagens Berman Sobol Shapiro LLP, +1-510-725-3000, Web site: http://www.hbsslaw.com/ http://www.hbsslaw.com/wsfg.htm

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