Gilman Law LLP, a leading national law firm representing investors in securities class action lawsuits, is actively investigating shareholder allegations that Temple-Inland (“Temple-Inland”) and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to the company’s business and operations in violation of the Securities Exchange Act of 1934. Recently, an investor class action lawsuit was filed in the United States District Court for the Northern District of Texas against Temple-Inland on behalf of investors who purchased or otherwise acquired shares of Guaranty Financial Group, Inc. (NYSE: GFG), a subsidiary of Temple-Inland, between December 12, 2007 and August 24, 2009 (“Class Period”) If you wish to take part in this lawsuit, you must contact Gilman Law no later than January 10, 2012 in order to preserve your legal rights.
For over 30 years, Gilman Law has represented investors in all major aspects of securities fraud litigation, including stock manipulation, securities fraud, and shareholder rights violations. The firm is currently offering free legal evaluations to investors who purchased or acquired GCF shares between December 12, 2007 and April 24, 2009. We urge you to contact us today for your free lawsuit evaluation, and to obtain more information regarding the Temple-Inland s class action lawsuit.
Temple-Inland Class Action Lawsuit Allegations
Temple-Inland was a holding company that operated several businesses through its various subsidiaries, including corrugated packaging, forest products, building products, real estate and financial services businesses. Prior to the beginning of the Class Period, TIN conducted its financial services business through GFG and Guaranty Bank, which was then a wholly-owned subsidiary of TIN.
On August 24, 2009, GCF filed a Form 8-K which disclosed that its subsidiary, Guaranty Bank, was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation was appointed as receiver to Guaranty Bank. GFG, a subsidiary of Temple-Inland (“TIN”), also disclosed that the New York Stock Exchange suspended trading in GFG common stock. Shortly after that, GFG filed for Chapter 11 bankruptcy protection. Accordingly, GFG and Guaranty Bank are not named as Defendants in the class action lawsuit currently pending against Temple-Inland in Texas.
The Temple-Inland lawsuit alleges that GFG overstated its assets and income, concealed that its internal and disclosure controls were materially deficient, and failed to disclose that it engaged in improper banking practices and would be unable to pay its debt obligations as they matured. Specifically, the lawsuit alleges:
- GFG’s financial results were artificially inflated due to Guaranty Bank’s failure to state certain of its assets at their true fair value;
- GFG improperly delayed the recognition of its impaired assets in order to inflate its reported income and regulatory capital;
- GFG misrepresented its true financial condition, liquidity, capital and ability to repay its debt obligations;
- GFG would be unable to satisfy its future debt obligations as they matured;
- GFG’s internal and disclosure controls were materially deficient;
- GFG through Guaranty Bank, was engaged in unsafe and/or unsound banking practices; and
as a result of the foregoing, GFG’s financial statements were not fairly presented in conformity with generally accepted accounting principles and were materially false and misleading.
Legal Help For Temple-Inland Class Action Lawsuits
Gilman Law LLP has extensive experience representing both individual and institutional investors in securities class action suits, and has recovered over a billion dollars for its clients. We are ready to assist investors who have sustained losses as a result of Temple-Inland’s fraudulent practices. For a free evaluation of your case or to obtain additional information, please fill out the form on the left or CALL TOLL FREE (888) 252-0048.
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