May 07, 2010 20:21 ET

Greenfield & Goodman, LLC and Cuneo, Gilbert & LaDuca, LLP Announce Class Action Lawsuit on Behalf of Purchasers of the Common Stock of First Regional Bancorp

WASHINGTON, DC--(Marketwire - May 7, 2010) -  Greenfield & Goodman, LLC and Cuneo Gilbert & LaDuca, LLP today announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of First Regional Bancorp. ("FRB" or the "Company") (PINKSHEETS: FRGB) between January 1, 2007 and January 29, 2010, inclusive (the "Class" and "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, Richard D. Greenfield, Esq. at Greenfield & Goodman LLC at 917-495-4446, or via e-mail at whitehatrdg@earthlink.net or Matt Miller, Esq. at Cuneo, Gilbert & LaDuca at 202-789-3960, or via e-mail at mmiller@cuneolaw.com. Any member of the Class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent Class member.

The Complaint charges certain of the former officers and executives of FRB with violations of the Exchange Act. FRB is a holding company that formerly owned First Regional Bank (the "Bank"), which it described as a business-oriented wholesale banking operation, with services tailored to the needs of businesses and professionals in Southern California.

The Complaint alleges that, throughout the Class Period, defendants made material misrepresentations and failed to disclose material adverse facts about the Company's true financial condition, business and prospects. Specifically, the Complaint alleges that defendants caused the Company to disseminate financial statements that were not fairly presented in conformity with Generally Accepted Accounting Principles and were materially false and misleading, and failed to make complete and timely disclosures concerning certain actions taken by regulators. On Friday, January 29, 2010, the California Commissioner of Financial Institutions closed the Bank, and appointed the Federal Deposit Insurance Corporation as its receiver, and its assets and liabilities were assumed by another institution.

Richard D. Greenfield, Esq. of Greenfield & Goodman, LLC has over 30 years of experience in banking, securities and consumer litigation, having served as Lead or Co-Lead Counsel for plaintiffs in many shareholder class and derivative actions. Mr. Greenfield is a former director of a NYSE-listed bank holding company.

Cuneo Gilbert & LaDuca, a firm with offices in Washington, D.C., New York, Los Angeles and Alexandria, Va., specializes in the representation of plaintiffs in consumer, antitrust, civil rights and securities class actions and is active in major litigations pending in federal and state courts throughout the United States. The Cuneo Gilbert & LaDuca website (http://www.cuneolaw.com) has more information about the firm.