Rigrodsky & Long, P.A. Announces Class Action Lawsuit Against TierOne Corporation

Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the District of Nebraska on behalf of all persons or entities who purchased or otherwise acquired the common stock of TierOne Corporation (“TierOne” or the “Company”) (Pink Sheets: TONE) between August 8, 2008 and May 14, 2010, inclusive (the “Class Period), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Complaint”).

The Complaint names TierOne and certain of the Company’s executive officers and directors as defendants. The Complaint alleges, among other things, that during the Class Period, defendants made materially false and misleading statements, and failed to disclose facts necessary to make other statements not materially misleading, in various public statements concerning the Company’s financial condition. Specifically, it is alleged that during the Class Period: (a) the Company’s financial statements were materially false and misleading because TierOne improperly accounted for its loan loss provision and reserves; (b) the Company misrepresented that its internal financial controls were effective; and (c) the Company misrepresented the circumstances of the resignation of its independent auditor, KPMG.

On April 25, 2010, TierOne reported the resignation of KPMG as its independent auditor. KPMG withdrew its audit opinion and internal control assessment relating to the Company’s financial statements at and for the year ended December 31, 2008 as well as its review of the Company’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. Furthermore, on April 30, 2010, TierOne announced a proposed transaction with Great Western Bank to acquire assets from the Company was rejected by the Office of Thrift Supervision, the Company’s primary regulator. Upon information and belief, the reason for the rejection was the Company’s wholesale lack of internal financial controls and its materially inaccurate financial statements. 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’s internal financial controls, the Company’s stock price plummeted.