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Rosen Law Firm Files Securities Class Against Former Auditors of TierOne Corporation -- TONEQ

NEW YORK, Jan. 15, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm announced today that it has filed a class action lawsuit on behalf of purchasers of TierOne (OTC Markets:TONEQ) stock between March 13, 2009 and May 14, 2010. The complaint charges TierOne's former auditor KPMG LLP and certain of KPMG's audit partners with violating the federal securities laws.

To join the class action, go to the website at http://rosenlegal.com or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com for information on the class action. The case is pending in the U.S. District Court for the District of Nebraska.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

The complaint charges that KPMG and certain of its audit partners violated the federal securities laws by issuing a false and misleading "clean" audit opinion for TierOne's fiscal year 2008 financial statements and its internal controls. The complaint asserts that KPMG fraudulently disregarded audit procedures and tests that, if conducted, would have revealed the financial fraud at TierOne. When news of the fraud was revealed, the price of TierOne's stock dropped and ultimately the bank failed – causing investors substantial losses.

A class action lawsuit has already been filed on behalf of TierOne shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than March 18, 2013. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com.

The Rosen Law Firm focuses on prosecuting securities class action litigation and actions involving financial fraud. The Rosen Law Firm represents investors throughout the globe concentrating its practice in securities class actions.

CONTACT: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm P.A. 275 Madison Avenue, 34th Floor New York, New York 10016 Tel: (212) 686-1060 Weekends Tel: (917) 562-8616 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com www.rosenlegal.comSource: The Rosen Law Firm PA PC