Tennessee Commerce Bancorp, Inc. ("Tennessee Commerce" or the Company) is an American company that operates as a full service bank.

According to the law firm press release, 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.

On January 18, 2013, the Court issued an order appointing lead Plaintiff and approving the selection of lead Counsel. The lead Plaintiffs filed an amended Complaint on April 18.

On September 25, 2013, the Court issued an order granting the Plaintiffs' motion for leave to amend, and denied Defendants' motion to dismiss as moot. Plaintiffs filed their amended Complaint on September 30.

On October 24, 2014, the Court issued an Order dismissing this case against a certain Defendant.

On December 1, 2014, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on December 3. On December 12, a corrected order preliminarily approving the Settlement was issued. On April 9, 2015, the Court issued an order granting final approval of the Settlement and dismissing this case with prejudice. On the same date, the Court also approved attorneys' fees and expenses.

On October 21, 2015, the Court issued a settlement distribution order.