Rosen Law Firm Files Class Action Against Tennessee Commerce Bancorp, Inc. - TNCC
Rosen Law Firm Files Class Action Against Tennessee Commerce Bancorp, Inc. - TNCC
NEW YORK--(BUSINESS WIRE)-- The Rosen Law Firm today announced that it has filed a class action lawsuit on behalf of investors who purchased the securities of Tennessee Commerce Bancorp, Inc. (OTC Markets: TNCC) during the period from April 18, 2008 through September 13, 2012, seeking to recover damages from violations of federal securities laws.
To join the Tennessee Commerce class action, visit the firm's website at http://rosenlegal.com, or call Timothy Brown, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email tbrown@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
The Complaint asserts violations of the federal securities laws against Tennessee Commerce and its officers and directors for issuing false and misleading information to investors about the Company's financial and business condition. The lawsuit asserts that defendants misrepresented and failed to disclose that the Company 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. Consequently, the complaint alleges, the Company's financial statements were materially false and misleading. When this adverse information materialized, Tennessee Commerce failed and the value of its securities became worthless—damaging investors.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
If you wish to serve as lead plaintiff, you must move the Court no later than January 2, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Timothy Brown, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at tbrown@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Laurence Rosen, Esq.
Phillip Kim, Esq.
Timothy Brown, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekends Tel: (917) 562-8616
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
tbrown@rosenlegal.com
www.rosenlegal.com
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS:
The article Rosen Law Firm Files Class Action Against Tennessee Commerce Bancorp, Inc. - TNCC originally appeared on Fool.com.
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