Notice of Filing Securities Class Action Against NetBank, Inc. (NTBK.PK) and Certain of Its Officers

Market Wire, September, 2007

Schoengold Sporn Laitman & Lometti, P.C. announced today that the firm has filed a class action lawsuit against NetBank, Inc. ("NetBank" or the "Company") (PINKSHEETS: NTBK) and certain key current and former officers and/or directors in the United States District Court for the Northern District of Georgia. This action has been brought on behalf of persons who purchased or otherwise acquired NetBank securities during the period between May 1, 2006 and September 17, 2007 (the "Class Period"). If you purchased NetBank securities during the Class Period and would like to join the action pursuing securities claims against the Company and its officer and/or director defendants, you may do so by visiting Schoengold Sporn Laitman & Lometti's website at www.spornlaw.com or contacting Schoengold Sporn Laitman & Lometti, toll free at (866) 348-7700 or via e-mail at shareholderrelations@spornlaw.com . However, please note that the deadline to seek lead plaintiff status in this case expires November 19, 2007.

The complaint alleges that during the Class Period, defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making materially false and misleading statements to artificially inflate the value of NetBank stock. Specifically, it is alleged that the defendants repeatedly represented, beginning in May 2006, that NetBank 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 the Company as reflecting its true value. However, defendants shocked investors by disclosing that as of May 21, 2007, NetBank's core banking business was so deficient in meeting regulatory capital requirements that bank regulators compelled NetBank to consummate a $2.5 billion asset sale at a significant $60-70 million loss in order to cover NetBank depositors as required by law. The Company's common stock 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 announced that its wholly owned retail mortgage business, Market Street Mortgage Corporation ("Market Street"), was completely valueless. NetBank also announced that the NASDAQ securities exchange was delisting the Company's common stock from trading. On August 7, 2007, NetBank'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's assets announced that it had terminated its purchase of the NetBank assets, announced on May 21, 2007, because it had become "clear" that NetBank would not be able to meet its regulatory requirements. NetBank's stock price then closed at $0.08 per share on September 17, 2007.

If you purchased NetBank securities during the Class Period and either sold those securities at a loss or still hold them, you may request that the Court appoint you as a lead plaintiff. However, you must do so no later than November 19, 2007.

If you would like to further discuss your rights, you may call collect or otherwise contact the undersigned, who will be pleased to assist.

CONTACT: Jay P. Saltzman, Esq. Daniel B. Rehns, Esq. Schoengold Sporn Laitman & Lometti, P.C. 19 Fulton Street, Suite 406 New York, New York 10038 Tel: (212) 964-0046 Fax: (212) 267-8137 Toll Free: (866) 348-7700 E-Mail: Email Contact Website: www.spornlaw.com