securities class action has been filed against Shearson Financial Network, Inc.

A securities class action has been filed against Shearson Financial Network, Inc. (Ticker: SHSNQ) ("Shearson Financial" or the "Company") on behalf of all common stock securities purchasers from May 7, 2009 through May 12, 2009 (Class Period) in the United States District Court for the Eastern District of Arkansas.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding Shearson Financial's emergence from bankruptcy. The Company caused a press release to be issued on May 7, 2009, that stated the Company had emerged from bankruptcy. In the press release, the Company used the ticker symbol, SHSNQ to identify itself, which was the ticker symbol belonging to the Company's old stock which would ultimately be cancelled. However, at the time the Company issued the press release the stock listed under the ticker symbol SHSNQ was still trading and had not been cancelled. As a result of defendants' false and misleading statements, Shearson's securities traded at artificially inflated prices during the Class Period, reaching a high of $.039 on May 8, 2009.

On May 11, 2009, the Company issued a press release stating among other things that the stock trading under the ticker symbol SHSNQ would be cancelled and that Shearson's new stock would trade under a different ticker symbol.

Class Period: May 7, 2009 - May 12, 2009
Lead Plaintiff
Deadline: August 17, 2009
Date Filed: June 18, 2009
Court: USDC, Arkansas (Eastern)
Please contact Scott+Scott LLP either via e-mail at scottlaw@scott-scott.com, call (800) 404-7770 or (860) 537-5537, or visit our website at www.scott-scott.com if you would like further information about this lawsuit.