Class-action law firm urges TEUM investors to learn their shareholder rights against Pareteum to recover investment losses
SAN FRANCISCO, Aug. 30, 2019 /PRNewswire/ -- Hagens Berman notifies investors in Pareteum Corporation (TEUM) of the firm's investigation of possible disclosure violations.
If you invested in TEUM before August 26, 2019 and suffered losses or have information that may assist this investigation contact Hagens Berman:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
The firm's investigation concerns the accuracy of the Company's reported financial results.
On June 7, 2019, Marcus Aurelius Value published a report questioning the propriety of Pareteum's accounting and statements about its backlog, backlog conversion rates, and receivables. The report concluded,"[w]e see massive downside potential and believe the stock is completely uninvestible."
Next, on June 25, 2019, Viceroy Research Group published a report identifying several sources of "uncollectable" revenue presented in Parateum's financial results, concluding that "total revenue is overstated by 42%."
Then, on August 26, 2019, cash-strapped Parateum announced that as a condition of obtaining $2.5 million in financing, the company was forced to issue 750,000 shares to its senior secured creditor, thereby diluting existing shareholders.
"We're focused on investors' losses and whether the company inflated its reported revenues," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Pareteum should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email TEUM@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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