NEW YORK, Oct. 23, 2019 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of Pareteum
Corporation ("Pareteum" or the "Company") (NASDAQ: TEUM) between
March 12, 2019 and October 21, 2019, inclusive (the "Class
Period"). The lawsuit filed in the
United States District Court for the Eastern District of
New York alleges violations of the
Securities Exchange Act of 1934.
If you purchased Parateum securities, and/or would like to
discuss your legal rights and options please visit Parateum
Shareholder Class Action or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company's business, operations, and
prospects. Specifically, Defendants failed 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 of ending March 31, 2019
and June 30, 2019 were false and
could not be relied on; and (3) as a result, defendants' statements
about its business, operations, and prospects, were materially
false and misleading and/or lacked a reasonable basis at all
relevant times. When the true details entered the market, the
lawsuit claims that investors suffered damages.
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, shares of Pareteum fell $0.4401 per share or over 59% to close at
$0.2992 per share on October 22, 2019.
If you purchased Parateum securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/pareteumcorporation-teum-shareholder-class-action-lawsuit-stock-fraud-207/apply/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than December 16, 2019. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP