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Tangoe Inc (NASDAQ: TNGO) Investor Securities Class Action Lawsuit 03/01/2013

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

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Lawsuit Overview

Case Dismissed
Company
Tangoe Inc
Security
NASDAQ: TNGO

Case Name
Tangoe Shareholder Class Action Lawsuit 03/01/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Connecticut

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 30, 2014 - The court granted the defendants' motion to dismiss.

November 18, 2013 - A motion to dismiss te amended complaint was filed.

October 23, 2013 - An amended complaint was filed.

March 1, 2013 - An investor in shares of Tangoe Inc (NASDAQ: TNGO) filed a lawsuit in the U.S. District Court for the District of Connecticut against Tangoe Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 20, 2011 and September 5, 2012.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Tangoe Inc (NASDAQ: TNGO) between December 20, 2011 and September 5, 2012, that Tangoe Inc and certain of its officers and directors violated federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff alleges that defendants allegedly orchestrated a scheme to inflate their share price through a series of acquisitions, and allegedly made materially false and misleading statements regarding Tangoe Inc's business, operational and compliance policies. Tangoe Inc reported that its annual revenue increased from $37.53 million in 2008 to $104.94 million in 2011 and that its net loss decreased from $6.96 million in 2008 to $2.96 million in 2011. Shares of Tangoe Inc (NASDAQ: TNGO) grew from as low as $9.07 per share in August 2011 to as high as $21.43 per share in August 2012.

On September 6, 2012, a report was released alleging that the telecommunications software company misrepresented facts about its growth rate and called for a probe by the U.S. Securities and Exchange Commission. Shares of Tangoe Inc (NASDAQ: TNGO) fell from $20.24 on August 27, 2012 to as low as $13.56 on September 6, 2012 and declined to as low as $11.87 per share on December 31, 2012. On March 1, 2013, Tangoe Inc (NASDAQ: TNGO) shares closed at $13.61 per share.