A lawsuit filed in May 2010 alleging that TierOne Corp. misled investors has been settled for $3.1 million. The lawsuit claimed TierOne, which is based in Lincoln, Neb., issued false or misleading financial statements about the bank company in an effort to boost its stock price. The stock had traded at $35 a share in 2007, but dropped to $5.50 a share in August 2008. At the time of the lawsuit being filed, TierOne’s stock was just 17 cents a share. TierOne Bank was closed by federal regulators and its assets sold to Great Western Bank. The settlement will be paid by TierOne’s insurers and covers anyone who bought the stock between August 9, 2007, and May 14, 2010.
Source: Insurance Journal
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