November 9, 2011 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
July 27, 2011 - The court preliminarily approved the settlement.

July 21, 2011 - Parties filed a stipulation of settlement.

September 29, 2009 - The court denied the defendants' motion to dismiss.

September 15, 2008 - The defendants filed a motion to dismiss.

July 3, 2008 - The lead plaintiffs filed an amended consolidated complaint.

April 21, 2008 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

November 19, 2007 - Lead plaintiff motions were filed.

September 19, 2007 - An investor in shares of NetBank Inc (NASDAQ: NTBK) filed a lawsuit in the U.S.District Court for the Northern District of Georgia against NetBank Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.

Specifically, it is alleged that the defendants repeatedly represented, beginning in May 2006, that NetBank Inc was restructuring its operations to rid its strong core banking business from high risk non-conforming loan origination operations and other business segments which detracted from the performance of its core business. Defendants claimed its restructuring was largely complete by February 2007 and that investors could rely on the book value of NetBank Inc as reflecting its true value. However, defendants shocked investors by disclosing that as of May 21, 2007, NetBank Inc’s core banking business was so deficient in meeting regulatory capital requirements that bank regulators compelled NetBank Inc to consummate a $2.5 billion asset sale at a significant $60-70 million loss in order to cover NetBank Inc depositors as required by law. NetBank Inc’s common stock (NASDAQ: NTBK) price fell 66% — from $1.75 per share on May 18, 2007 to $0.59 per share on May 21, 2007 on massive volume of 11,190,400 shares — over forty-five times the previous day’s volume.

Further, on August 6, 2007, NetBank Inc announced that its wholly owned retail mortgage business, Market Street Mortgage Corporation (”Market Street”), was completely valueless. NetBank Inc also announced that the NASDAQ securities exchange was delisting NetBank Inc’s common stock from trading. On August 7, 2007, NetBank Inc’s stock price dropped to $0.14 per share from its previous day’s close of $0.20 per share, a 30% drop in one day on massive volume of 5,190,600 shares. Finally, on September 17, 2007, the purported buyer of NetBank Inc’s assets announced that it had terminated its purchase of the NetBank Inc assets, announced on May 21, 2007, because it had become “clear” that NetBank Inc would not be able to meet its regulatory requirements. NetBank Inc’s stock price then closed at $0.08 per share on September 17, 2007.

NetBank Inc operates as a holding company that offers retail banking, mortgage banking, business finance, and ATM and merchant processing services in the United States.