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
, or call Timothy Brown, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email
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
. You may also visit the firm’s website at
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.