New York, New York--(Newsfile Corp. - December 16, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Pareteum Corporation ("Pareteum" or the "Company") (NASDAQ: TEUM) of the December 23, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Pareteum stock or options between March 12, 2019 and October 21, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/TEUM. 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
685 Third Avenue, 26th Floor
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 Eastern District of New York on behalf of all those who purchased Pareteum securities between March 12, 2019 and October 21, 2019 (the "Class Period"). The case, DeMarco v. Pareteum Corporation et al., No. 1:19-cv-05949 was filed on October 22, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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 ending March 31, 2019 and June 30, 2019 were false and could not be relied on; and (3) consequently, Pareteum's public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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, the Company's share price fell from $0.74 per share on October 21, 2019 to $0.30 per share on October 22, 2019: a $0.44 or 59.46% 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 Pareteum's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50807