NEW YORK, June 11, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Teligent, Inc. (TLGT) securities between May 2, 2017 and November 7, 2017 (the “Class Period”). Investors have until June 14, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The complaint alleges that Teligent violated provisions of the Exchange Act by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission ("SEC"). Specifically, Teligent made false and/or misleading statements regarding, and/or failed to disclose, product non-conformities in research and development and non-compliance with applicable regulations.
On November 6, 2017, after market close, Teligent filed a Form 8-K with the SEC disclosing discouraging third quarter 2017 earnings. Total revenue fell to $13.7 million from the previous quarter's $18.4 million, a 25.5% drop, and from third quarter 2016's $16.2 million, a 15.4% drop. Teligent's press release quoted President and CEO Jason Grenfell-Gardner attributing the drop in revenue to FDA approval delays and competition. On this news, Teligent's share price fell $2.29 on November 7, 2017.
If you purchased Teligent securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Teligent lawsuit, please go to https://bespc.com/tlgt/. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.