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If you purchased shares of Tennessee Commerce Bancorp Inc (OTC: TNCC), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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October 21, 2015 - The court ordered the authorization of the distribution of the net settlement fund.
April 9, 2015 - The court approved the settlement.
March 20, 2015 - The court held a final settlement hearing.
December 3, 2014 - The court preliminarily approved the settlement.
December 1, 2014 - Parties filed a stipulation of settlement.
September 30, 2013 - The lead plaintiff filed a second amended complaint.
September 25, 2013 - The court granted the lead plaintiff's motion for leave to amend and denied defendants' motion to dismiss as moot.
August 19, 2013 - The lead plaintiff filed a motion to amend/correct the amended complaint.
June 17, 2013 - Defendants filed a motion to dismiss.
April 18, 2013 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Tennessee Commerce Bancorp Inc (OTC: TNCC) common shares between April 18, 2008 and January 27, 2012. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 18, 2008 and January 27, 2012.
January 18, 2013 - Lead plaintiff and lead counsel were appointed.
January 2, 2013 - Lead plaintiff motions were filed.
November 2, 2012 - An investor in shares of Tennessee Commerce Bancorp Inc (OTC: TNCC) filed a lawsuit in the U.S. District Court for the Middle District of Tennessee against Tennessee Commerce Bancorp Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.
According to the complaint the plaintiff alleges on behalf of investors who purchased the securities of Tennessee Commerce Bancorp Inc (OTC: TNCC) during the period from April 18, 2008 through September 13, 2012, that Tennessee Commerce Bancorp Inc and its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly false and misleading information to investors about the Company’s financial and business condition.
Specifically, the plaintiff alleges that defendants misrepresented and failed to disclose that Tennessee Commerce Bancorp Inc had serious internal control deficiencies causing it to be unable to monitor its loan portfolio, obtain up to date and current appraisals of collateral, follow bank rules of procedures relating to the Company’s allowance for loan losses, and remediate internal control deficiencies.
Tennessee Commerce Bancorp Inc (OTC: TNCC) reported that its annual Net Loss of $5.58 million for 2009 turned into a Net Income of $3.44 million in 2010. However, for the first three quarters in 2011 Tennessee Commerce Bancorp Inc reported a combined nine months Net Loss of $118.84 million.
Shares of Tennessee Commerce Bancorp Inc (OTC: TNCC) closed on November 2, 2012, at $0.0002 per share.