SAN FRANCISCO, May 27, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Hagens Berman Sobol Shapiro LLP:
To: All persons or entities who purchased or otherwise acquired securities of Tangoe, Inc. (“Tangoe” or the “Company) (NASDAQ:TNGO) between March 18, 2014 and March 7, 2016.
You have until July 25, 2016 to request that the Court appoint you as lead plaintiff in the securities class action filed in the United States District Court for the District of New Jersey. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
If you suffered significant losses in Tangoe, contact Hagens Berman Sobol Shapiro LLP partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing TNGO@hbsslaw.com or visiting https://www.hbsslaw.com/cases/TNGO.
The litigation concerns Defendants’ improper revenue recognition practices that required Tangoe to announce on March 7, 2016 it would restate financial statements for 2013 and 2014, all quarters therein, and the first three quarters of 2015. On this news the price of Tangoe’s common stock fell 9% to close at $7.75 per share on March 8, 2016.
On May 4, 2016 the Company announced its Chairman of the Board and Chief Executive Officer resigned, effective immediately, “after being informed of the Board’s conclusion that the Company in the longer term would benefit from a transition to a new CEO.”
“The improper revenue recognition practices here were not judgment calls,” said Hagens Berman partner Reed Kathrein. “The applicable accounting principles that should have been followed are long-established.”
Whistleblowers: Persons with non-public information regarding TNGO should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email TNGO@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.