NEW YORK–(BUSINESS WIRE)–Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Pareteum Corporation (“Pareteum” or the “Company”) (NASDAQ: TEUM) between March 12, 2019 and October 21, 2019, inclusive (the “Class Period”). The lawsuit filed in the United States District Court for the Eastern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Pareteum securities, and/or would like to discuss your legal rights and options please visit Pareteum Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) Pareteum improperly and inaccurately recognized revenue for certain customer transactions; (2) Pareteum’s financial statements for the fiscal year ending December 31, 2018 and quarters of ending March 31, 2019 and June 30, 2019 were false and could not be relied on; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On October 21, 2019, after the market closed, Pareteum issued a press release that the Company would restate its previously issued financial statements for full year FY 2018, and the first and second quarter 2019.
On this news, shares of Pareteum fell $0.4401 per share or over 59% to close at $0.2992 per share on October 22, 2019.
If you purchased Pareteum securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/pareteumcorporation-teum-shareholder-class-action-lawsuit-stock-fraud-207/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
If you wish to serve as lead plaintiff, you must move the Court no later than December 16, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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