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Glancy Binkow & Goldberg LLP Announces Proposed Settlement of Class Action in the Green Bankshares, Inc. Securities Litigation

LOS ANGELES, Nov. 26, 2012 (GLOBE NEWSWIRE) -- The following statement is being issued by Glancy Binkow & Goldberg LLP regarding the Green Bankshares, Inc. Securities Litigation.

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF TENNESSEE
NORTHEASTERN DIVISION

BILL BURGRAFF, Individually and On Behalf of All Others Similarly Situated, Plaintiff, v. GREEN BANKSHARES, INC., et al., Defendants.

No. 2:10-CV-00253, CLASS ACTION

SUMMARY NOTICE

TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED GREEN BANKSHARES, INC. SECURITIES BETWEEN JANUARY 19, 2010 AND NOVEMBER 9, 2010, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of Tennessee, that a hearing will be held on February 11, 2013 at 10:00 a.m., before The Honorable Curtis L. Collier, at the Joel W. Solomon Federal Building, United States Courthouse, 900 Georgia Avenue, Courtroom 3, Chattanooga, Tennessee 37402, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Litigation for the sum of $1.75 million in cash should be approved by the Court as fair, reasonable and adequate to Members of the Class; (2) whether to certify the Settlement Class; (3) whether, thereafter, this Litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation of Settlement dated June 14, 2012; (4) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, reasonable and adequate and therefore should be approved; and (5) whether the application of Lead Counsel for the payment of attorneys' fees and expenses incurred in connection with this Litigation should be approved. If you purchased or acquired Green Bankshares, Inc. securities between January 19, 2010 and November 9, 2010, inclusive, your rights may be affected by this Settlement. If you have not received a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Expenses, and Settlement Fairness Hearing (the "Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to Bill Burgraff v. Green Bankshares, Inc. et al., c/o GCG, P.O. Box 9909, Dublin, OH 43017-5809, or you can download a copy at www.GCGINC.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than March 13, 2013, establishing that you are entitled to recovery.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel at the address listed below:

Peter A. Binkow, Esq.
Glancy Binkow & Goldberg LLP
1925 Century Park East, Suite 2100
Los Angeles, California 90067
1-888-773-9224
settlements@glancylaw.com

or go to the following website: www.GCGINC.com

DATED: October 16, 2012

CONTACT: Media Contact(s): Peter A. Binkow, Esq. Glancy Binkow & Goldberg LLP 1-888-773-9224Source:Glancy Binkow & Goldberg LLP