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BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of Guaranty Financial Group, Inc. (aGFGa or the aCompanya) (OTC:GFGFQ) between December 12, 2007 and August 24, 2009, inclusive (the aClass Perioda), seeking to pursue remedies under the Securities Exchange Act of 1934. 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. (aTINa) and certain of TINas and GFGas 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) GFGas financial results were artificially inflated due to Guaranty Bankas 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) GFGas 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, GFGas financial statements were materially false and misleadingand 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 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 ]