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Re: tiso_us post# 2445

Monday, 11/12/2012 9:44:21 PM

Monday, November 12, 2012 9:44:21 PM

Post# of 2485

Tennessee Commerce Bancorp, Inc. (PINK:TNCC) Investor Files Lawsuit over Alleged Securities Laws Violations

A lawsuit was filed for investors in shares of Tennessee Commerce Bancorp, Inc. (PINK:TNCC) over alleged securities laws violations by Tennessee Commerce Bancorp, Inc. Deadline: Jan. 2, 2013. TNCC investors with a substantial investment should contact the Shareholders Foundation at mail@shareholdersfoundation.com

San Diego, CA -- (SBWIRE) -- 11/06/2012 -- An investor in shares of Tennessee Commerce Bancorp, Inc. (PINK:TNCC) filed a lawsuit against Tennessee Commerce Bancorp, Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Tennessee Commerce Bancorp, Inc. (PINK:TNCC) between April 18, 2008 through September 13, 2012, have certain options and there are short and strict deadlines running. Deadline: January 2, 2013. Investors with a substantial investment in Tennessee Commerce Bancorp, Inc. (PINK:TNCC) should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges 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, 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.

Tennessee Commerce Bancorp, Inc. (PINK:TNCC) reported that its annual Net Loss of $5.58 million for 2009 turned into a Net Income of $3.44 million in 2010. However, for the first three quarters in 2011 Tennessee Commerce Bancorp, Inc. reported a combined nine months Net Loss of $118.84 million.

Shares of Tennessee Commerce Bancorp, Inc. (PINK:TNCC) closed on November 2, 2012, at $0.0002 per share.

Those who purchased shares of Tennessee Commerce Bancorp, Inc. (PINK:TNCC) between April 18, 2008 through September 13, 2012, have certain options and there are short and strict deadlines running. Deadline: January 2, 2013. Investors with a substantial investment in Tennessee Commerce Bancorp, Inc. (PINK:TNCC) should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Media Relations Contact

Trevor Allen
General Manager
Shareholders Foundation, Inc.
858-779-1554
Email

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Source: Shareholders Foundation, Inc.
Posted Tuesday, November 06, 2012 at 6:40 AM CST - Permalink
http://www.sbwire.com/press-releases/tennessee-commerce-bancorp-inc-pinktncc-investor-files-lawsuit-over-alleged-securities-laws-violations-177870.htm

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