Case Page

 

Case Status:    SETTLED
On or around 10/27/2015 (Other)

Filing Date: November 02, 2012

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.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TNCC
Company Market: OTC-BB
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: M.D. Tennessee
DOCKET #: 12-CV-01137
JUDGE: Hon. Aleta A. Trauger
DATE FILED: 11/02/2012
CLASS PERIOD START: 04/18/2008
CLASS PERIOD END: 09/13/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bramlett Law Offices (Nashville)
    2400 Crestmoor Road; P.O. Box 150734, Bramlett Law Offices (Nashville), TN 37215
    615.248.2828 866.816.4116 ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: M.D. Tennessee
DOCKET #: 12-CV-01137
JUDGE: Hon. Aleta A. Trauger
DATE FILED: 09/30/2013
CLASS PERIOD START: 04/18/2008
CLASS PERIOD END: 01/27/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrett Johnston, LLC
    217 Second Avenue, North, Barrett Johnston, LLC, TN 37201-1601
    615/244-2202 ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
  3. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date