NEW YORK, May 13, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Teligent, Inc. ("Teligent" or the "Company")(TLGT) of the June 14, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Teligent stock or options between May 2, 2017 and November 7, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/TLGT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Teligent common stock between May 2, 2017 and November 7, 2017 (the "Class Period"). The case, Mo-Kan Iron Workers Pension Fund v. Teligent, Inc. et al., No. 19-cv-03354 was filed on April 15, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose product non-conformities in research and development and non-compliance with applicable regulations.
On November 6, 2017, the truth came to light when Teligent filed a Form 8-K with the SEC (the "November 2017 8-K") disclosing disappointing Q3 2017 earnings. Total revenue fell to $13.7 million from the previous quarter’s $18.4 million, a 25.5% drop, and from Q3 2016’s $16.2 million, a 15.4% drop.
On this news, Teligent's share price fell from $5.25 per share on November 6, 2017 to a closing price of $2.96 on November 7, 2017: a $2.29 or a 43.62% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Teligent's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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