NEW YORK, Oct. 27, 2006 (PRIMEZONE) -- The Rosen Law Firm today announced that it has commenced an investigation into allegations that Tier Technologies, Inc. ("Tier" or the "Company") (Pink Sheets:TIER) (formerly Nasdaq:TIER or TIERE) violated the federal securities laws by filing materially false and misleading financial statements with the SEC for the fiscal years from 2002 through 2005.
On December 14, 2005 the Company announced that its financial statements for fiscal years ended September 30, 2002 through September 30, 2004 and quarterly periods through June 30, 2005, should no longer be relied upon and announced that a restatement of those financial statements would be required.
On April 19, 2006, the Company announced that an internal investigation revealed a "number of serious new allegations relevant to the restatement-related issues." On May 24, 2006 the Company announced that its stock would be de-listed from NASDAQ. On October 25, 2006, the Company finally issued its long awaited Restatement. According to the Restatement, the Company had over-reported its net income and underreported its net losses for almost five years. For example, the Company previously reported diluted per share net income of $.02 for fiscal 2004, rather than the true restated net loss of ($.08) per share. These adverse disclosures have caused the Company's stock price to decline.
As a result of these allegations, the Rosen Law Firm is preparing a class action lawsuit on behalf of investors who purchased Tier stock during the period from November 29, 2001 through and including October 25, 2006.
You may access the website at http://www.rosenlegal.com to participate in the proposed class action.
If you purchased Tier securities and would like further information concerning your legal rights, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com or visit the website at www.rosenlegal.com.
The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.