SOURCE: Rosen Law Firm

May 21, 2010 19:30 ET

The Rosen Law Firm Files Securities Class Action Charging TierOne Corporation With Securities Fraud -- TONE

NEW YORK, NY--(Marketwire - May 21, 2010) -  The Rosen Law Firm today announced it has filed a class action lawsuit on behalf of all purchasers of TierOne Corporation ("TierOne" or the "Company") (PINKSHEETS: TONE) stock between August 8, 2008 and May 14, 2010, inclusive (the "Class Period").

To join the TierOne class action, go to the website at http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action. 

The case is pending in the United States District Court for the District of Nebraska as case no. 10-CV-00199-JFB-TDT. You can obtain a copy of the complaint from the clerk of court or you may contact counsel for plaintiffs Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

The complaint charges that TierOne and certain of its officers and directors violated the federal securities laws by issuing false and misleading financial information to investors. The complaint alleges that TierOne: (a) misrepresented its loan loss provision in its financial results; (b) issued false and misleading Sarbanes-Oxley certifications; (c) misrepresented that the Company's internal controls were effective; and (d) misrepresented the circumstances surrounding the resignation of its independent auditor.

On May 14, 2010, TierOne filed with the SEC a letter by TierOne's former independent auditor stating that the Company failed to timely provide to the auditor documentation about the Company's loan loss provision during the course of the auditor's review of TierOne's financial statements. The letter also states that the auditor could not rely on prior representations of management and terminated its auditor relationship with TierOne. As a result of this and related adverse disclosures about TierOne's material internal control weaknesses and the Company's need to restate its prior financial statements for fiscal 2008 and the interim financial reports the Company issued for 2009, TierOne's share price has dropped, substantially damaging shareholders.

A class action lawsuit has already been filed on behalf of TierOne shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than July 20, 2010. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com

The Rosen Law Firm focuses on prosecuting securities class action litigation and actions involving financial fraud. The Rosen Law Firm represents investors throughout the globe concentrating its practice in securities class actions. 

Contact Information

  • Contact:
    Laurence Rosen, Esq.
    Phillip Kim, Esq.
    The Rosen Law Firm P.A.
    Tel: (212) 686-1060
    Weekends Tel: (917) 797-4425
    Toll Free: 1-866-767-3653
    Fax: (212) 202-3827
    350 5th Avenue, Suite 5508
    New York, New York 10118
    Email Contact
    Email Contact
    www.rosenlegal.com