Milberg Weiss Announces Its Investigation on Behalf of Certain Investors of W Holding Company, Inc. -- WHI

Market Wire, October, 2007

Attorney Advertising. The law firm of Milberg Weiss LLP announces that it is investigating possible illegal conduct as alleged in proposed class action lawsuits filed by certain law firms against W Holding Company, Inc. ("W Holding" or the "Company") (NYSE: WHI) and certain of W Holding's officers and directors for violations of the Securities Exchange Act of 1934. The lawsuits are on behalf of shareholders who purchased the securities of W Holding between April 24, 2006 and June 26, 2007, inclusive (the "Class Period").

W Holding operates as the holding company for Westernbank Puerto Rico, which offers business and consumer financial services in Puerto Rico and over the Internet.

According to complaints filed in the United States District Court for the District of Puerto Rico, the complaints allege that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company had failed to write-down certain impaired loans; (2) that the Company would take a charge of at least $80 million due to collateral deficiencies; (3) that, as a result of the above, the Company's reported income, book value per share, and asset quality was overstated; (4) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (5) that the Company lacked adequate internal and financial controls; and (6) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On June 26, 2007, the Company surprised investors when it disclosed that one of its larger asset-based loans was impaired, and that there was a "significant" collateral deficiency with respect to the impaired loan. The Company indicated that it believed the collateral deficiency to be at least $80 million. Further, the Company stated that an independent firm was retained to review the impaired loan, the Company's entire asset-based lending portfolio, and the asset-based lending division's systems of internal controls. On this news, the price of the Company's shares fell by over 37.3 percent, to close on June 26, 2007 at $3.14 per share, on unusually heavy trading volume.

If you purchased or acquired the securities of W Holding during the Class Period of April 24, 2006 and June 26, 2007, you may move the court no later than November 20, 2007, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss LLP, or other attorneys, to serve as your counsel in this action.

Milberg Weiss LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg Weiss website ( http://www.milbergweiss.com ) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:

Lori G. Feldman
Anita B. Kartalopoulos
Milberg Weiss LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY  10119-0165
Phone number: (800) 320-5081
Email:  contactus@milbergweiss.com 

Website:  http://www.milbergweiss.com 

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.

Lori G. Feldman Anita B. Kartalopoulos Milberg Weiss LLP One Pennsylvania Plaza, 49th Fl. New York, NY 10119-0165 Phone number: (800) 320-5081 Email: contactus@milbergweiss.com Website: http://www.milbergweiss.com