Pareteum Corporation (NASDAQ: TEUM)

A class action lawsuit has been filed on behalf of investors who purchased Pareteum Corporation (“Pareteum”) (NASDAQ: TEUM) common stock. The lawsuit alleges that certain Pareteum executive officers fraudulently misled investors, causing Pareteum’s stock price to fall by more than 59% in one day after the truth emerged. The lawsuit seeks to recover monetary damages for Pareteum investors, with all litigation costs and expenses covered by Murphy Law Firm.
Investor Information

The lawsuit alleges that defendants issued materially false and misleading financial statements for the fiscal year ending December 31, 2018 and quarters ending March 31, 2019 and June 30, 2019. Among other things, Pareteum improperly and inaccurately recognized revenue for certain customer transactions, thereby artificially inflating the revenue results that Pareteum reported to investors. Investors learned the truth about Pareteum’s improper accounting on October 21, 2019 when the company disclosed that certain revenues recognized during 2018 and 2019 should not have been recorded and that, as a result, Pareteum would need to restate its consolidated financial statements for the full year ended December 31, 2018, and interim periods ended March 31, 2019 and June 30, 2019, as the previously filed financial statements were false. In response to this news, the price of Pareteum stock dropped 59.5% in a single trading day.

To join the lawsuit, please provide your information above, or to discuss your rights regarding this class action, please contact A. Brooke Murphy, Esq. at or (405) 389-4989.