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Law Offices of Howard G. Smith Investigation On Behalf of Investors of Green Bankshares, Inc.

^{Published on 2010-11-10 17:40:35 - Market Wire}
 

BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of purchasers of the common stock of Green Bankshares, Inc. (aGreen Banksharesa or the aCompanya) (NASDAQ:GRNB) concerning possible violations of federal securities laws. Green Bankshares operates as the bank holding company for GreenBank that provides commercial banking services primarily in Tennessee.

The investigation focuses on allegations that certain statements issued by the Company between January 19, 2010 and November 9, 2010, regarding the Companya™s business, operations and prospects were false and misleading. Specifically, the investigation pertains to the Companya™s October 20, 2010, announcement that for the quarter ended September 30, 2010, net charge-offs increased on a sequential basis to $36.5 million from $4.9 million in the prior quarter. Moreover, the Company indicated that it had engaged an independent third-party loan reviewer, which contributed to the asset quality-impact reflected in its third quarter results. On this news, shares of Green Bankshares common stock declined $2.79 per share, more than 43%, to close on October 21, 2010, at $3.68 per share.

If you purchased Green Bankshares common stock between January 19, 2010 and November 9, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].