One of the inherent dangers of investing in over-the-counter stocks is that the regulatory regime is different than that typically required of larger companies listed on the various exchanges, all of which employ strenuous screening processes to ensure the viability of the company and guarantee the reputation of the exchange itself. At times, some companies have taken advantage of the more self-regulatory nature of the OTC markets and allowed some guidance to be provided that does not really square with the facts as known.
If you have purchased shares of TierOne Corporation (PINK:TONEQ) between March 13, 2009 and May 14, 2010, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 03/18/2013
Such was the allegation made in a Nebraska district court on January 14,2013, when a class action suit was filed on behalf of shareholders in TierOne Corporation (PINK:TONEQ). The suit is not aimed directly at TierOne management, but rather at its auditors, KPMG LLP, who stand accused of issuing materially false and misleading audits that offered an untrue picture of the 2008 financial condition of TierOne Corporation.
This 2008 audit report, as well as the report for the first quarter of 2009, was later withdrawn and the auditors resigned as of April 25, 2010. This set off a chain reaction that proved catastrophic for TierOne investors, who had relied upon the information provided by KPMG and certain other associated firms. A pending acquisition of TierOne assets by Great Western Bank was vetoed by the federal Office of Thrift Supervision at least partially on account of the questions raised by the audit withdrawl. Following this, the stock price rapidly imploded and investors watched their stakes evaporate.
The current complaint represents those individuals who purchased shares of TierOne between March 13, 2009 and May 10, 2010. These individuals allege that they were, in essence, tricked into investing in TierOne by the fiduciary misdeeds of KPMG. Even worse, the misleading audit information led them to pay a higher price for the stock than would otherwise have been necessary.
For those investors who did in fact purchase significant numbers of shares in the time period mentioned, there is a deadline of March 18, 2013 for them to be included in the class action suit currently underway. This particular legal action is not aimed at the company itself, which may be a lost cause so far as recovery of damages is concerned, but rather is focused on the allegedly unprofessional conduct of the company auditors, who failed to alert investors in a timely and responsible manner as was their contractual duty to do so.
Own shares of TierOne Corporation (PINK:TONEQ) ? Contact us to protect your rights.
If you have purchased shares of TierOne Corporation (PINK:TONEQ) between March 13, 2009 and May 14, 2010, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.
