Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces Class Action Lawsuit against WSB Financial Group, Inc.

  
    
  
  
    
      The law firm Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has filed a 
      lawsuit in the United States District Court for the Western District of 
      Washington on behalf of its client and on behalf of other similarly 
      situated purchasers of WSB Financial Group, Inc. (“WSB 
      Financial” or the “Company”) 
      (Nasdaq: WSFG) common stock pursuant and/or traceable to the Company’s 
      December 13, 2006 Initial Public Offering (the “IPO”) 
      from between November 3, 2005 and May 10, 2007, inclusive (the “Class 
      Period”). WSB Financial is the holding 
      company for Westsound Bank, a Bremerton, Washington based financial 
      institution that serves the Puget Sound area.
    
    
      The complaint charges WSB Financial and certain of its officers and 
      directors with violations of the Securities Act of 1933 (the “Securities 
      Act”). The complaint also alleges that D.A. 
      Davidson – who acted as acted as “Lead 
      Underwriter” of the IPO – 
      violated the Securities Act.
    
    
      Specifically, the complaint alleges that, in connection with the IPO, 
      defendants issued numerous materially false and misleading statements 
      which caused WSB Financial’s securities to 
      trade at artificially inflated prices. As alleged in 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, WSB Financial’s stock 
      hit an intra-day high of $21 per share during the Class Period.
    
    
      According to the complaint, beginning in September 2007, a series of 
      announcements and investigations into the Company’s 
      lending practices caused WSB Financial’s 
      stock to plummet. For example, in late September, the Company announced 
      that due to the reduced demand of mortgage loans, the Company was 
      eliminating thirty-three jobs in its mortgage division. Moreover, the 
      Company announced that its Executive Vice President of Sales and Lending 
      at Westsound Bank had been terminated. The complaint alleges that as a 
      result of these announcements, the Company’s 
      stock fell from $15.30 per share to $12.40 per share. Then, 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.
    
    
      If you are a member of the class, you may, no later than January 2, 
      2007, request that the Court appoint you as Lead Plaintiff of the class. 
      Any member of the purported class may move the Court to serve as Lead 
      Plaintiff through counsel of their choice or may choose to remain an 
      absent class member.
    
    
      Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant experience in 
      prosecuting investor class actions and actions involving securities 
      fraud. The firm has offices in Washington, D.C., New York, Philadelphia, 
      Chicago, San Francisco, and London, and is active in major litigation 
      pending in federal and state courts throughout the nation. You may visit 
      the firm’s website at www.cmht.com.
    
    
      The firm’s reputation for excellence has been 
      recognized on repeated occasions by courts which have appointed the firm 
      to lead positions in complex multi-district or consolidated litigation. 
      Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in 
      numerous important cases on behalf of defrauded investors, and has been 
      responsible for a number of outstanding recoveries which, in the 
      aggregate, total in the billions of dollars.
    
    
      If you have any questions about this notice or the action, or with 
      regard to your rights, please contact either of the following:
    
    
      
        
          Steven J. Toll, Esq.
        
      
      
        
          Scott Evans
        
      
      
        
          Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
        
      
      
        
          1100 New York Avenue, N.W.
        
      
      
        
          West Tower, Suite 500
        
      
      
        
          Washington, D.C. 20005
        
      
      
        
          Telephone: [phone] or [phone]
        
      
      
        
          
            Email: [e-mail] or [e-mail]