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Investor Alert: KGS Announces That WSB Financial Shareholders Have Until December 31, 2007 to Request Lead Plaintiff Position in Securities Class Action Lawsuit
Sunday November 4, 2:34 pm ET


NEW ORLEANS, Nov. 4, 2007 (PRIME NEWSWIRE) -- Kahn Gauthier Swick, LLC (``KGS') announces that shareholders of WSB Financial, Inc. (``WSB' or the ``Company') (NasdaqGM:WSFG - News) who purchased securities of the Company pursuant to its December 2006 Initial Public Offering (``IPO') have until December 31, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Western District of Washington. No class has yet been certified in this action.
UNTIL A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY.

If you purchased securities of WSB, you are urged to contact Lewis Kahn, Managing Partner, KGS, toll free 1-866-467-1400, ext. 100, via cell phone at 504-301-7900 after hours, or email to [e-mail] to learn about your legal rights and how this action may benefit you. For further information on KGS, please visit http://www.kgscounsel.com.


WSB and certain of its officers and directors, and the Company's underwriters -- collectively, ``defendants' -- are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.

According to the complaint, the company's registration statement for the IPO failed to disclose that it 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 the WSB stock was traded as high as $21 per share during the class period.

Beginning in September of 2007 a series of announcements and investigations into the company's lending practices caused the WSB stock to plummet. In late September the company announced that due to the reduced demand of mortgage loans in the market 33 jobs would be eliminated in the mortgage division of the company, and that WSB's executive vice president of sales and lending at Westsound Bank was terminated. As a result stock price fell from $15.30 to $12.40. In a final blow, 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.

SPECIAL NOTICE: Courts will generally appoint only one law firm to prosecute a securities class action on behalf of the shareholders based upon the amount of losses its ``lead plaintiffs' have suffered. Accordingly, while KGS urges you to sign up with the firm, KGS also encourages you to carefully evaluate any other firm you may consider to represent your interests in the WSB class action, should you be considering another firm. Critical components of a law firm's ability to successfully prosecute this action and obtain a strong recovery for you include the resources it will dedicate to prosecution of the case, including the number of lawyers the firm has available for the WSB action in particular, AND especially the quality of the firm's work. Interested shareholders are encouraged to call for consultation and to request more information about KGS.

More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca.



Contact:
Kahn Gauthier Swick, LLC
Lewis Kahn
866-467-1400, ext. 100
[e-mail]


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Source: Kahn Gauthier Swick, LLC
http://biz.yahoo.com/pz/071104/130525.html