Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the District of Nebraska on behalf of all persons or entities who purchased or otherwise acquired the common stock of TierOne Corporation (“TierOne” or the “Company”) (Pink Sheets: TONE) between August 8, 2008 and May 14, 2010, inclusive (the “Class Period), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Complaint”). 

The Complaint names TierOne and certain of the Company’s executive officers and directors as defendants.  The Complaint alleges, among other things, that during the Class Period, defendants made materially false and misleading statements, and failed to disclose facts necessary to make other statements not materially misleading, in various public statements concerning the Company’s financial condition.  Specifically, it is alleged that during the Class Period: (a) the Company’s financial statements were materially false and misleading because TierOne improperly accounted for its loan loss provision and reserves; (b) the Company misrepresented that its internal financial controls were effective; and (c) the Company misrepresented the circumstances of the resignation of its independent auditor, KPMG.

Are you affected?

• Do you feel misled by TierOne Corporation's public statements concerning the Company's financial condition?
• Did you purchase TierOne Corporation common stock between August 8, 2008 and May 14, 2010?
• Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the District of Nebraska on behalf of all persons or entities who purchased or otherwise acquired the common stock of TierOne Corporation (“TierOne” or the “Company”) (Pink Sheets: TONE) between August 8, 2008 and May 14, 2010, inclusive (the “Class Period), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Complaint”). 

The Complaint names TierOne and certain of the Company’s executive officers and directors as defendants.  The Complaint alleges, among other things, that during the Class Period, defendants made materially false and misleading statements, and failed to disclose facts necessary to make other statements not materially misleading, in various public statements concerning the Company’s financial condition.  Specifically, it is alleged that during the Class Period: (a) the Company’s financial statements were materially false and misleading because TierOne improperly accounted for its loan loss provision and reserves; (b) the Company misrepresented that its internal financial controls were effective; and (c) the Company misrepresented the circumstances of the resignation of its independent auditor, KPMG.

On April 25, 2010, TierOne reported the resignation of KPMG as its independent auditor. KPMG withdrew its audit opinion and internal control assessment relating to the Company’s financial statements at and for the year ended December 31, 2008 as well as its review of the Company’s financial statements at and for the three months ended March 31, 2009 because those financial statements contain material misstatements and should not be relied upon by investors.  Furthermore, on April 30, 2010, TierOne announced a proposed transaction with Great Western Bank to acquire assets from the Company was rejected by the Office of Thrift Supervision, the Company’s primary regulator.  Upon information and belief, the reason for the rejection was the Company’s wholesale lack of internal financial controls and its materially inaccurate financial statements.  As a result of the disclosures concerning the need to restate its prior financial statements for fiscal 2008 and interim financial reports for 2009 due to the material deficiencies in TierOne’s internal financial controls, the Company’s stock price plummeted.

If you wish to serve as lead plaintiff, you must move the Court no later than July 20, 2010.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or via our website: http://www.rigrodskylong.com/news/TONE.  In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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