Spector Roseman Kodroff & Willis, P.C. announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Gerova Financial Group, Ltd. ("Gerova" or the "Company") (NYSE: GFC) between January 8, 2010 and February 23, 2011, inclusive (the "Class Period").

The Complaint alleges that throughout the Class Period, defendants misrepresented or failed to disclose material adverse facts about the Company's business, operations, and prospects, including the fact that a substantial portion of the assets it acquired pursuant to several transactions in January 2010 were impaired, illiquid, and worth far less than their recorded value, and that some of these acquisitions were with companies controlled by or affiliated with Gerova's top executive officers.

On January 10, 2011, Dalrymple Finance LLC published a report critical of Gerova, labeling it as "a game of smoke and mirrors," and specifically questioning the valuation of the assets acquired in January 2010. On this news, Gerova shares dropped $1.06 or nearly four percent, to close at $26.98. On February 10, 2011, after the market closed, the Company announced the resignation of some its officers and directors including the Company's chief executive officer. On this news, Gerova's shares declined by $9.31, or 59 percent, over four consecutive trading sessions, to close at $6.39 on February 16, 2011. On February 23, 2011, the NYSE halted the stock at $5.28 citing the need for "additional information relative to operations, management restructuring, and business plans." On April 18, 2011, Gerova announced its intention to delist from the NYSE.

No class has yet been certified in the above action. Class members will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 5, 2011 and be selected by the court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest financial loss from investment in the Company during the Class Period.

If you purchased shares of Gerova common stock during the Class Period and wish to discuss this matter, or have any questions concerning your rights and interests, please contact:

Robert M. Roseman, Esquire
David Felderman, Esquire
Spector Roseman Kodroff & Willis, P.C.
Phone: (215) 496-0300
Toll Free: (888) 844-5862
e-mail: classaction@srkw-law.com
Website: http://www.srkw-law.com

Spector Roseman Kodroff & Willis, P.C. has been representing individual and institutional investors for more than two decades, serving as lead counsel in numerous cases in U.S. federal and state courts. Please visit the firm's website (http://www.srkw-law.com) for more information about the firm.

Spector Roseman Kodroff & Willis, P.C.
Robert M. Roseman, Esquire
David Felderman, Esquire
215-496-0300
Toll Free: 888-844-5862
classaction@srkw-law.com
http://www.srkw-law.com