NEW YORK, May 18, 2010 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against TierOne Corporation (Pink Sheets:TONE) ("TierOne" or the "Company") resulting from allegations that the Company may have issued materially inaccurate financial statements to the investing public between August 8, 2008 and May 14, 2010.
On May 14, 2010, TierOne filed an 8-K with the SEC attaching a letter by TierOne's former independent auditor concerning the facts and circumstances relating to the auditor's resignation. According to the letter, 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.
If you purchased TierOne stock, you have important legal rights that may form the basis of a claim for damages against the Company for issuing inaccurate financial statements and related misstatements.
The Rosen Law Firm is preparing a class action lawsuit on behalf of TierOne investors. If you purchased TierOne stock between August 8, 2008 and May 14, 2010 and would like further information about your rights, please contact 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. You can also go to our website at www.rosenlegal.com and join the proposed class action.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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