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TEUM.US
id: 538, Created by Stan Vick Chase, Scout
In re Pareteum Corporation Securities Litigation
Pending settlement
14 December 2017
Class period Start21 October 2019
Class period End03 April 2023
Claim deadlinePareteum Corporation (TEUM) agreed to pay up to $5.65 million to settle a securities class action lawsuit to avoid further litigation.
The Complaint alleged that the Company and its Leaders made false and/or misleading statements and/or failed to disclose that:
- Pareteum improperly and inaccurately recognized revenue for certain customer transactions;
- Pareteum’s financial statements for the fiscal year ending December 31, 2018, and quarters of ending March 31, 2019, and June 30, 2019, were false and could not be relied on.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Case number
19-CV-09767
Filing date
22 October 2019
Lead plaintiff
Kevin Ivkovich, Stephen Jones, Keith Moore, Nicholas Steffey, Robert E. Whitley, Jr.
Attorney
Kahn Swick & Foti, LLC (New Orleans, LA)
Defendants
Robert H. “Hal” Turner, Edward “Ted” O’Donnell, Victor Bozzo, Denis McCarthy, Dawson James Securities, Inc., Squar Milner, LLP
Court
Southern District of New York
Judge
Hon. Alvin K. Hellerstein
Administrator
Strategic Claims Services
Court hearing date
25 April 2023
Objection deadline
03 April 2023
+$5,650,000
Total Settlement Amount