Tangoe, Inc. (NASDAQ: TNGO)Mon, 03/04/2013 - 18:30 — Webmaster
Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of purchasers of Tangoe, Inc. (NASDAQ: TNGO) common stock during the period between March 18, 2014 and March 7, 2016, inclusive (the "Class Period").Join the class action
Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of purchasers of Tangoe, Inc. (“Tangoe” or the “Company”) (NASDAQ: TNGO) common stock during the period between March 18, 2014 and March 7, 2016, inclusive (the "Class Period").
Tangoe shareholders may, no later than July 25, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Tangoe and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/tngo.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) defendants made errors in recognizing revenue; (2) Tangoe’s financial results were overstated; and (3) as a result, defendants’ statements about the Tangoe’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on March 7, 2016, post-market, the Company issued a press release entitled, “Tangoe Announces That It Will Restate Financial Statements.” In the release, it was announced that “the Company will restate its financial statements for the years 2013 and 2014, all quarters therein, and the first 3 quarters of 2015. This decision was approved by the Company's Board of Directors, upon the recommendation of the Company’s Audit Committee.”
Further, after market closed on March 7, 2016, the Company also filed a Form 8-K with the SEC disclosing the consolidated financial statements of the fiscal years ending December 31, 2013 and 2014, as well as the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015 should no longer be relied upon.
On this news, shares of Tangoe dropped over 9%, closing at $7.05 per share on March 8, 2016, on heavy trading volume.
If you are a member of the class, you may, no later than July 25, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.