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TierOne Corporation (PINK:TONEQ) Investor Files Securities Class Action Lawsuit Against Former Auditors

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Lawsuit Overview

Company
TierOne Corporation
Security
OTC: TONE

Case Name
TierOne Corporation Shareholder Class Action Lawsuit 01/14/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Nebraska

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Summary

Jan. 15, 2013 (Shareholders Foundation) -- An investor in shares of TierOne Corporation (PINK:TONEQ) filed a lawsuit in the U.S. District Court for the District of Nebraska over alleged violations of Federal Securities Laws by TierOne's former auditor KPMG LLP and certain of KPMG's audit partners. According to the complaint the plaintiff alleges on behalf of behalf of purchasers of TierOne Corporation (PINK:TONEQ) stock between March 13, 2009 and May 14, 2010 , that TierOne's former auditor KPMG LLP and certain of KPMG's audit partners violated the Securities Exchange Act of 1934 by issuing a allegedly false and misleading clean audit opinion for TierOne's fiscal year 2008 financial statements and its internal controls.

In 2010, a lawsuit was filed by investors against TierOne Corporation over alleged securities laws violations. The plaintiff in that lawsuit alleges that defendants, issued between August 8, 2008 and May 14, 2010, materially false and misleading statements, and failed to disclose facts necessary to make other statements not materially misleading, in various public statements concerning TierOne‘s financial condition.

On April 25, 2010, TierOne Corp. 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 Corp’s financial statements at and for the year ended December 31, 2008 as well as its review of TierOne Corp’s financial statements at and for the three months ended March 31, 2009 because those financial statements contain material misstatements and should not be relied upon by investors.

Then, on April 30, 2010, TierOne Corp. announced a proposed transaction with Great Western Bank to acquire assets from TierOne Corp was rejected by the Office of Thrift Supervision - TierOne Corp's primary regulator. After the disclosures TierOne Corp’s stock declined significantly. In fact, TierOne stock traded in 2008 at over $21 per share, in 2007 as high as $32.20 per share, and over $34.50 per share during 2006.