Faruqi & Faruqi, LLP Notifies Investors In Tangoe, Inc. Of Class Action Lawsuit And Upcoming Deadline
NEW YORK, April 29, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds Tangoe, Inc. ("Tangoe" or the "Company") (NasdaqGS: TNGO) investors of the April 30, 2013 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain executives.
A complaint has been filed on behalf of all persons who purchased or otherwise acquired Tangoe securities between December 20, 2011 and September 5, 2012. The complaint focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Tangoe was overstating its organic growth by underreporting the percentage of revenue derived from recent acquisitions; and (2) the Company was failing to increase its customers as its deferred implementation fees failed to grow.
On August 28, 2012, a report was published by thestreetsweeper.org that described the Company as having a "risky acquisition-driven growth strategy." On this news, Tangoe shares declined $3.39 per share, or nearly 17%, to close at $16.70 per share on August 28, 2012.
On September 6, 2012, Copperfield Research published a report concluding that the Company had materially misrepresented its organic growth rate. On this news, Tangoe shares declined $1.03 per share, or 6%, on September 6, 2012. The stock continued to decline an additional $1.68 per share or 10.5%, to close at $14.29 per share on September 7, 2012.
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If you invested in Tangoe stock or options between December 20, 2011 and September 5, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/TNGO. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Tangoe's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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Telephone: (877) 247-4292 or (212) 983-9330
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