| Company: | Tier Technologies, Inc. |
| Ticker Symbol: | PINKSHEETS: TIER |
| Class Period: | November 29, 2001 to October 25, 2006 |
| Date Filed: | Nov-10-06 |
| Lead Plaintiff Deadline: | Jan-10-07 |
| Court: | Eastern District, VA |
| Allegations: |
A class action lawsuit has been filed on behalf of purchasers of Tier Technologies, Inc. ("Tier" or the "Company") (PINKSHEETS: TIER) (formerly NASDAQ: TIER & TIERE - News) common stock during the period from November 29, 2001 through and including October 25, 2006 (the "Class Period").
The complaint charges that Tier and certain of its present and former officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading financial statements filed with the SEC during the Class Period by overstating Company earnings and underreporting Company losses.
On December 14, 2005, the Company announced that its financial statements for fiscal years ended September 30, 2002 through September 30, 2004 and quarterly periods through June 30, 2005, should no longer be relied upon and announced that a restatement of those financial statements would be required.
On April 19, 2006, the Company announced that an internal investigation revealed a "number of serious new allegations relevant to the restatement-related issues." On May 24, 2006, the Company announced that its stock would be de-listed from NASDAQ. On October 25, 2006, the Company finally issued its long awaited restatement. The complaint alleges that the Company had over-reported its net income and underreported its net losses for almost five years. For example, the Company previously reported diluted per share net income for fiscal 2004, rather than the true restated net loss for fiscal 2004. The complaint asserts that these adverse disclosures have caused the Company's stock price to decline.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges that Tier and certain of its present and former officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading financial statements filed with the SEC during the Class Period by overstating Company earnings and underreporting Company losses.
On December 14, 2005, the Company announced that its financial statements for fiscal years ended September 30, 2002 through September 30, 2004 and quarterly periods through June 30, 2005, should no longer be relied upon and announced that a restatement of those financial statements would be required.
On April 19, 2006, the Company announced that an internal investigation revealed a "number of serious new allegations relevant to the restatement-related issues." On May 24, 2006, the Company announced that its stock would be de-listed from NASDAQ. On October 25, 2006, the Company finally issued its long awaited restatement. The complaint alleges that the Company had over-reported its net income and underreported its net losses for almost five years. For example, the Company previously reported diluted per share net income for fiscal 2004, rather than the true restated net loss for fiscal 2004. The complaint asserts that these adverse disclosures have caused the Company's stock price to decline.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
