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NEW ORLEANS, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have untilDecember 23, 2019 to file lead plaintiff applications in securities class action lawsuits against Pareteum Corporation (NasdaqCM: TEUM), if they purchased the Company’s securities between March 12, 2019 and October 21, 2019, inclusive (the “Class Period”). These actions are pending in the United States District Courts for the Southern District and Eastern District of New York.
What You May Do
If you purchased securities of Pareteum and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nasdaqcm-teum/ to learn more. If you wish to serve as a lead plaintiff in these class actions, you must petition the Court by December 23, 2019.
About the Lawsuits
Pareteum and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 21, 2019, post-market, the Company revealed that it would be restating its financial statements for the full year 2018 and 1Q and 2Q2019 because “certain revenues recognized during 2018 and 2019 should not have been recorded during that period,” that the restatements were “expected to impact Revenue, Cost of Service, Operating Income, Net Loss, Accounts Receivable and other Balance Sheet line items” and estimated to reduce revenue for FY 2018 by approximately $9M and the first half of 2019 by approximately $24M.
On this news, the price of Pareteum’s shares plummeted over 49%.
The first-filed case is Demarco v. Pareteum Corporation et al, 19-cv-5949.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163