Levi & Korsinsky Announces Pareteum Class Action Investigation; TEUM Lawsuit

Class Action Reports

Levi & Korsinsky Announces Pareteum Class Action Investigation; TEUM Lawsuit

Levi & Korsinsky, LLP

November 14, 2019

Levi & Korsinsky, LLP announces that a TEUM class action lawsuit has been commenced on behalf of investors who purchased Pareteum Corporation, (TEUM) securities between December 14, 2017 and October 21, 2019. For more on the Pareteum Class Action please contact us today.

According to the Pareteum lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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; (3) 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; (4) 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 (5) 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.

TO LEARN MORE ABOUT THE TEUM CLASS ACTION, VISIT: https://www.zlk.com/pslra-1/pareteum-corporation-loss-form?wire=9&prid=4336

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.

 

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

55 Broadway, 10th Floor

New York, NY 10006

jlevi@levikorsinsky.com

Tel: (212) 363-7500

Fax: (212) 363-7171

www.zlk.com