NEW YORK--(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 firstname.lastname@example.org, 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.