DENVER, July 30, 2008 (PRIME NEWSWIRE) -- The Shuman Law Firm -- Advertising Material -- today announced that it is investigating possible legal claims related to allegations made by George Fort, the former chief financial officer of Tennessee Commerce Bancorp, Inc. (Nasdaq:TNCC) ("TNCC").
If you currently own TNCC common stock and would like a free consultation concerning your rights and interests, please contact Rusty Glenn, Esq. toll-free at 866-974-8626 or email or Mr. Glenn at rusty@shumanlawfirm.com.
Mr. Fort has brought a lawsuit alleging that he was wrongfully terminated from his position as CFO at TNCC. In his lawsuit, Mr. Fort alleges that he raised questions regarding "material deficiencies in the Company's internal controls." Mr. Fort also claims that TNCC's internal auditors "produced a written report in January 2008 identifying policy violations by 5 of the 17 bank officers, calling activity by one bank officer 'somewhat suspicious.'" Mr. Fort brought these issues before TNCC's audit committee. At the same time, Mr. Fort claims TNCC's external auditors also wrote the company's audit committee to ask for a meeting, stating: "(t)he facts are consistent with a potential for fraud and should be investigated." Mr. Fort claims he was wrongly discharged by the Chief Executive Officer for bringing these matters to the attention of the company's Board of Directors. TNCC shares fell from more than $17 to less than $11 in the days surrounding the revelation of Mr. Fort's allegations.
The Shuman Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.
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