A settlement was reached in the lawsuit filed on behalf of certain investors of Tennessee Commerce Bancorp Inc (OTC: TNCC) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on: March 10, 2015. OTC: TNCC investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/20/2015 -- A deadline is coming up on March 10, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Tennessee Commerce Bancorp Inc (OTC: TNCC) between April 18, 2008 to January 27, 2012.
Investors who purchased significant amount of shares of Tennessee Commerce Bancorp Inc (OTC: TNCC) between April 18, 2008 to January 27, 2012, you have certain options and you should contact the Shareholders Foundation by email at firstname.lastname@example.org or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Tennessee Commerce Bancorp Inc (OTC: TNCC) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/tennessee-commerce-bancorp-inc-otc-tncc-investor-securities-class-action-lawsuit-11022012
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is March 10, 2015. The class action administrator for this case is The Garden City Group, Inc.
The lawsuit was originally filed in in the U.S. District Court for the Middle District of Tennessee against Tennessee Commerce Bancorp Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements. According to the complaint the plaintiff alleges on behalf of investors who purchased the securities of Tennessee Commerce Bancorp Inc (OTC: TNCC) during the period from April 18, 2008 through September 13, 2012, that Tennessee Commerce Bancorp Inc and its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly false and misleading information to investors about the Company's financial and business condition.
Specifically, the plaintiff alleges that defendants misrepresented and failed to disclose that Tennessee Commerce Bancorp Inc 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.
Those who purchased shares of Tennessee Commerce Bancorp Inc (OTC: TNCC) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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