Pareteum Corp (TEUM) $5.65M Investor Settlement

S.D. New York

Court

1:19-cv-09767

Case number

14 Dec 2017

Class period Start

21 Oct 2019

Class period End

03 Apr 2023

Claim deadline

Pareteum 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.

Case Status

Disbursed

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.022

Filing date

22 October 2019

Plaintiffs

Kevin Ivkovich, Stephen Jones, Keith Moore, Nicholas Steffey, Robert E. Whitley, Jr.

Attorneys

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

Judge

Hon. Alvin K. Hellerstein

Administrator

Strategic Claims Services

Court hearing date

25 April 2023

Objection deadline

03 April 2023

Trades matching type

FIFO

+$5,650,000

Cash Settlement Amount