MILWAUKEE, Dec. 7, 2006 (PRIME NEWSWIRE) -- Ademi & O'Reilly, LLP announces that a lawsuit has been filed in the United States District Court for the Eastern District of Virginia, on behalf of persons who purchased or otherwise acquired publicly traded securities of Tier Technologies, Inc. ("Tier" or the "Company") (Pink Sheets:TIER) between November 29, 2001 and October 25, 2006, inclusive, (the "Class Period"). The lawsuit was filed against Tier and certain officers and directors ("Defendants").
If you are a member of this class and wish to view a copy of a complaint and join this class action, please contact us toll-free at (866) 264-3995 or via e-mail at gademi@ademilaw.com, and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than January 9, 2007 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Tier issued a series of false and misleading financial statements by overstating Company earnings and underreporting Company losses.
On December 14, 2005, Tier announced that its financial statements for the fiscal years ended September 30, 2002 through September 30, 2004 and quarterly periods through June 30, 2005 should no longer be relied upon as a restatement of these financial results would be necessary. On October 25, 2006, the Company finally restated its financial statements indicating that the Company had over reported its net income and underreported losses for approximately five years.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.