SAN FRANCISCO, June 1, 2007 (PRIME NEWSWIRE) -- Liner Yankelevitz Sunshine & Regenstreif LLP ("LYS&R") has commenced an investigation relating to Sterling Financial Corporation ("Sterling" or the "Company") and potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in Sterling by the Sterling Financial Corporation 401(k) Retirement Plan (the "Plan").
LYS&R's investigation focuses on concerns that Sterling and the Plan's fiduciaries may have breached their fiduciary duties of loyalty and prudence to the Plan's participants. A breach may have occurred if the fiduciaries failed to prudently manage the Plan's assets, by among other things, offering Sterling stock as a Plan investment option, requiring participants to invest in the stock, and investing and holding Company contributions in the stock at a time when the stock was not a suitable and appropriate investment option. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plan's participants with respect to the Company's business, financial results and operations, thereby encouraging participants and beneficiaries to continue to make and maintain substantial investments of Company stock in the Plan.
If you are a member of the Sterling Financial Corporation 401(k) Retirement Plan and purchased or held Sterling stock through the Plan, you may contact any member of our team toll free at (866) 620-6722, or via e-mail at classaction@linerlaw.com.
Liner Yankelevitz Sunshine & Regenstreif LLP is one of America's leading law firms handling ERISA retirement plan litigation. For more information about our firm, please visit our website at www.californiaclassaction.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca