INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against Pareteum Corporation
October 22 2019 - 9:15PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Eastern District of New York on behalf of those who acquired
Pareteum Corporation (“Pareteum” or the “Company”) (NASDAQ: TEUM)
securities during the period from March 12, 2019 through October
21, 2019 (the “Class Period”). Investors have until December 23,
2019 to apply to the Court to be appointed as lead plaintiff in the
lawsuit.
The lawsuit alleges that the Company failed to disclose that:
(i) Pareteum improperly and inaccurately recognized revenue for
certain customer transactions; and (ii) 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 no longer be relied on.
On October 21, 2019, Pareteum disclosed that certain revenues
recognized during 2018 and 2019 should not have been recorded
during that period and that, as a result, the Company would restate
their previously issued consolidated financial statements as of and
for the full year ended December 31, 2018, and interim periods
ended March 31, 2019 and June 30, 2019. On this news, shares of
Pareteum fell $0.44, or 59.5%, to close at $0.29.
If you acquired Pareteum securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191022006207/en/
Kirby McInerney LLP Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com www.kmllp.com
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