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BOSTON, Oct. 28, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors and whistleblowers nationwide, informs investors that it has filed a class action lawsuit against Pareteum Corporation (NYSE: TEUM) and certain of its officers alleging violations of the federal securities laws. Class members interested in serving as lead plaintiff are required to move for appointment by December 23, 2019 and are encouraged to contact Block & Leviton LLP to learn more.
The class action complaint, which was filed in the Southern District of New York and captioned Vargo v. Pareteum Corporation, et. al., No. 1:19-cv-09936 (S.D.N.Y.), alleges that Defendants improperly recognized revenue in the company’s financial statements dating back to the 1st quarter of 2018. The truth was revealed on October 21, 2019, when the company announced after market’s closed that it would restate its financials based on a conclusion that the company improperly recorded revenues in 2018 and the first two quarters of 2019. Investors were also warned to no longer rely on the company’s previously issued financial results. In the next full day of trading, Pareteum’s stock price dropped almost 60% to close at $0.30 per share
If you purchased or otherwise acquired Pareteum securities and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at email@example.com, or by visiting https://shareholder.law/pareteum.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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SOURCE Block & Leviton LLP