STEVENSON, MD--(Marketwire - Nov 17, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas on behalf of purchasers of the common stock of Guaranty Financial Group, Inc. ("GFG" or the "Company") (PINKSHEETS: [ GFGFQ ]) formerly (NYSE: [ GFG ]) during the period between December 12, 2007 and August 24, 2009, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in GFG common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at [ www.browerpiven.com ], by email at [ hoffman@browerpiven.com ], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 10, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company failed to accurately value its assets by delaying the recognition of its impaired assets to inflate its reported income and regulatory capital, misrepresented its true financial condition, liquidity, capital and ability to repay its debt obligations, would be unable to satisfy its future debt obligations as they matured, and, through Guaranty Bank, was engaged in unsafe and/or unsound banking practices such that its reported financial results were artificially inflated. According to the complaint, on August 24, 2009, the Company disclosed that Guaranty Bank had been closed by the Office of Thrift Supervision, that the Federal Deposit Insurance Corporation had been appointed as receiver to Guaranty Bank and that the New York Stock Exchange had suspended trading in GFG common stock, events triggered by the Company's true financial condition, causing GFC shareholders to suffer significant losses.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.