TEUM 3-DAYS UNTIL CLASS ACTION DEADLINE: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Motion for Lead P...
December 20 2019 - 7:54PM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, reminds investors of the deadline to make a lead plaintiff
motion in 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
December 14, 2017 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 Pareteum securities, and/or would like to
discuss your legal rights and options please visit Pareteum
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 Pareteum 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 23, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191220005592/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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