LOS ANGELES -- (Business Wire)

Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of Guaranty Financial Group, Inc. (“GFG” or the “Company”) (OTC:GFGFQ) between December 12, 2007 and August 24, 2009, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934. Guaranty Financial Group was operated by Temple-Inland until it was spun off in 2007. The class action lawsuit was filed in the United States District Court for the Northern District of Texas.

The Complaint alleges violations of federal securities laws by Temple-Inland, Inc. (“TIN”) and certain of TIN’s and GFG’s former and current executive officers. TIN was a holding company that, through its subsidiaries, operated several businesses, including corrugated packaging, forest products, building products, real estate and financial services. Prior to the Class Period, TIN conducted its financial services business through GFG and a then-wholly owned subsidiary of TIN, Guaranty Bank.

The Complaint alleges that defendants failed to disclose that, among other things: (i) GFG’s financial results were artificially inflated due to Guaranty Bank’s failure to state certain of its assets at their true fair value; (ii) GFG improperly delayed recognition of its impaired assets in order to inflate its reported income and regulatory capital; (iii) GFG misrepresented its true financial condition and prospects; (iv) GFG would be unable to satisfy its future debt obligations as they matured; (v) GFG’s internal and disclosure controls were materially deficient; (vi) GFG through Guaranty Bank, was engaged in unsafe and/or unsound banking practices; and (vii), as a result of the foregoing, GFG’s financial statements were materially false and misleading and not fairly presented in conformity with Generally Accepted Accounting Principles.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased GFG common stock between December 12, 2007 and August 24, 2009, you have certain rights, and have 60 days from November 11, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts:

Glancy Binkow & Goldberg LLP
Michael Goldberg, Esquire
310-201-9150
Toll Free 888-773-9224
shareholders@glancylaw.com
http://www.glancylaw.com

Source: Glancy Binkow & Goldberg LLP