The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of investors who purchased Pareteum Corporation (NASDAQ: TEUM) securities between December 14, 2017 and October 21, 2019.
According to the Pareteum lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (a) it was not true that the Company’s purported success was the result of hyper-demand for Pareteum’s unique products or exceptional service, or the Company’s competent management; but, in fact, Defendants had propped up the Company’s results by manipulating Pareteum’s accounting for revenues, income, and the important Backlog metric; (b) Defendants had materially overstated the Company’s profitability by failing to properly account for the Company’s results of operations and by artificially inflating the Company’s financial results; (c) it was not true that Pareteum contained even the most minimally adequate systems of internal operational or financial controls necessary to assure that Pareteum’s reported financial statements were true, accurate, and/or reliable; (d) as a result, it also was not true that the Company’s financial statements and reports were prepared in accordance with GAAP and SEC rules; and (e) as a result of the aforementioned adverse conditions, Defendants lacked any reasonable basis to claim that Pareteum was operating according to plan, or that Pareteum could achieve the guidance sponsored and/or endorsed by Defendants.
If you suffered a loss in Pareteum you have until December 23, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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