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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of September 14, 2012 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO 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
You must register to view and download the Settlement Notice and Settlement Proof.
July 12, 2012 - The court preliminarily approved the settlement.
April 30, 2012 - A stipulation of settlement was filed by the parties.
August 24, 2011 - A second amended consolidated complaint was filed.
March 2, 2011 - An amended consolidated complaint was filed.
May 20, 2010 - An investor in shares of TierOne Corporation (OTC: TONE) filed a lawsuit in the U.S. District Court for the District of Nebraska against TierOne Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 8, 2008 and May 14, 2010.
According to the complaint the plaintiff alleges that TierOne Corporation and certain of TierOne Corporation's executive officers and directors violated the Securities Exchange Act of 1934 by, among other things, issuing between August 8, 2008 and May 14, 2010, materially false and misleading statements, and failing to disclose facts necessary to make other statements not materially misleading, in various public statements concerning TierOne Corporation‘s financial condition.
Then, on April 25, 2010, TierOne Corporation filed with the SEC a letter and reported the resignation of KPMG as its independent auditor. KPMG withdrew its audit opinion and internal control assessment relating to TierOne Corporation's financial statements at and for the year ended December 31, 2008 as well as its review of TierOne Corporation’s financial statements at and for the three months ended March 31, 2009 because those financial statements contained material misstatements and should not be relied upon by investors.
Furthermore, on April 30, 2010, TierOne Corporation announced a proposed transaction with Great Western Bank to acquire assets from TierOne Corporation was rejected by the Office of Thrift Supervision - TierOne Corporation's primary regulator.
As a result of the disclosures concerning the need to restate its prior financial statements for fiscal 2008 and interim financial reports for 2009 due to the material deficiencies in TierOne Corporation's internal financial controls, TierOne Corporation’s (OTC: TONE) stock price plummeted, so the lawsuit. TierOne Corporation (OTC: TONE) traded recently at $0.258 per share, down from its 52 week High of $4.05 per share, and over $21 per share in 2008, $32.20 per share in 2007, and over $34.50 per share during 2006.
TierOne Corporation, located in Lincoln, Nebraska, is the holding company for TierOne Bank, which has two wholly owned subsidiaries, TMS Corporation of the Americas and United Farm & Ranch Management Inc While TierOne Corporation reported a Net Income of $41.31 million in 2006, TierOne Corporation suffered a Net Loss of $12.43 million in 200, and $75.24 million in 2008.