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Pareteum Corporation (NASDAQ: TEUM) Investor Securities Class Action Lawsuit 10/22/2019

  • If you purchased shares of Pareteum Corporation (NASDAQ: TEUM), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Pareteum Corporation
Security
NASDAQ: TEUM

Case Name
Pareteum Shareholder Class Action Lawsuit 10/22/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

July 17, 2020 - An amended consolidated complaint was filed.

June 23, 2020 - An order to dismiss the case without prejudice was issued by the court.

April 24, 2020 - A motion to dismiss the consolidated complaint was filed.

February 26, 2020 - A consolidated complaint was filed.

October 22, 2019 - An investor in shares of Pareteum Corporation (NASDAQ: TEUM) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Pareteum Corporation in connection with certain allegedly false and misleading statements made between March 12, 2019 and October 21, 2019.

New York based Pareteum Corporation operates a communications cloud services platform in Europe and internationally. Pareteum Corporation reported that its annual Total Revenue rose from $13.54 million in 2017 to $32.43 million in 2018 and that its Net Loss increased from $12.46 million in 2017 to $12.97 million in 2018.

On October 21, 2019, Pareteum Corporation (Nasdaq: TEUM) announced that the Company will restate its 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. Shares of Pareteum Corporation (NASDAQ: TEUM) declined from $5.29 per share in March 2019 to as low as $0.29 per share on October 22, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Pareteum Corporation (NASDAQ: TEUM) common shares between March 12, 2019 and October 21, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 12, 2019 and October 21, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Pareteum improperly and inaccurately recognized revenue for certain customer transactions, that 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 that 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.