Kaskela Law LLC announces that shareholder class action lawsuits have been filed against Pareteum Corporation (“Pareteum” or the “Company”) (TEUM) on behalf of investors who purchased shares of the Company’s stock between December 14, 2017 and October 21, 2019, inclusive (the “Class Period”).
Pareteum investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by email at email@example.com, to discuss this action and their legal rights and options. Additional information about this action may also be found at http://kaskelalaw.com/case/pareteum-corporation/.
The shareholder class action lawsuits allege that Pareteum and certain of the Company’s executive officers issued a series of false and misleading statements to investors during the Class Period.
On October 21, 2019, Pareteum disclosed that it would “restate its previously issued consolidated financial statements as of and for the full year ended December 31, 2018, and interim periods ended March 31, 2019 and June 30, 2019,” and that investors “should no longer rely upon the Company’s previously released financial statements” for those periods. Additionally, the Company disclosed that it “currently estimates the revenue impact for the full year 2018 to be a reduction of approximately $9 million,” and “the revenue impact to be a reduction of approximately $24 million” for 2019. Following this news, shares of the Company’s stock declined nearly 60% in value.
IMPORTANT DEADLINE: Investors who purchased Pareteum’s stock during the Class Period may, no later than December 23, 2019, seek to be appointed as a lead plaintiff representative in the action.
Pareteum investors are encouraged to contact Kaskela Law LLC to discuss this action and their legal rights and options. Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.