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Tennessee Commerce Bancorp, Inc. (PINK:TNCC) Shareholder Class Action Lawsuit
Tennessee Commerce Bancorp, Inc., a bank holding company that is listed in the OTC Markets Group or Pink Sheets under the symbol TNCC, is now the target of multiple plaintiffs filing lawsuits against the company. The company used to trade its shares on the NASDAQ until February, when it was removed from the stock listings weeks after trading was suspended.
If you have purchased shares of Tennessee Commerce Bancorp, Inc. (PINK:TNCC) between April 18, 2008 through September 13, 2012, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 01/02/2013
Tennessee Commerce Bancorp has been named as a defendant in a civil lawsuit that alleges the company has engaged in conduct contrary to federal securities laws. The allegations indicate that the company may have issued certain misleading statements. More specifically, the complaint outlines a period in which investors flocked to purchase stock in Tennessee Commerce Bancorp –from April 2008 through September 2012. The period overlaps the company's listing history on the NASDAQ and the Pink Sheets.
At one point, Tennessee Commerce Bancorp offered retail and commercial banking and financial services to the small business community of Nashville. The company, which was founded in the year 2000, operated a retail bank in Franklin and it also disclosed that it maintained loan production offices out of state.
One of the lawsuits against Tennessee Commerce Bancorp indicates that the company allegedly ran afoul of the Securities Exchange Act of 1934 when its directors issued false statements about the financial health of its operations. One of the issues cited in the lawsuit is that Tennessee Commerce Bancorp lost control of its loan portfolio and the ability to monitor the health of its collateral assets. The plaintiff is seeking to recover damages suffered through the company's alleged securities law violations.
Another lawsuit by a different plaintiff puts forward as similar complaint, alleging that the company's reckless conduct dates back to their 2008 annual report. That lawsuit states that the company's purported scheme managed to artificially inflate its shares on the NASDAQ and later on the Pink Sheets, leading to an eventual and damaging loss to investors.
Own shares of Tennessee Commerce Bancorp, Inc. (PINK:TNCC) ? Contact us to protect your rights.
If you have purchased shares of Tennessee Commerce Bancorp, Inc. (PINK:TNCC) between April 18, 2008 through September 13, 2012, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros[/b] at 1-800-934-2921 right now to protect your rights.
