NEW YORK, May 27, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Tangoe, Inc. (“Tangoe” or the “Company”) (NASDAQ:TNGO) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Tangoe securities between March 18, 2014 and March 7, 2016 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Tangoe securities during the Class Period, you have until July 25, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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Tangoe is a leading global provider of IT Expense Management software and services. Tangoe provides connection lifecycle management (“CLM”) software and services to a wide range of global enterprises and service providers. CLM covers the entire spectrum of an enterprise’s connection-based assets and services, such as voice and data services, mobile devices and usage, cloud software, infrastructure and services, machine-to-machine connections, enterprise social and information technology connections, and encompasses the entire lifecycle of these assets and services, including planning and sourcing, procurement and provisioning, inventory and usage management, mobile device management, real-time telecommunications expense management, invoice processing and payment, expense allocation and accounting, and asset decommissioning and disposal.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants issued false and misleading statements to investors and/or failed to disclose that: (1) defendants made errors in recognizing Tangoe's revenue; (2) the Company's financial results were overstated; and (3) as a result, statements about Tangoe's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
After market closed on March 7, 2016, the Company issued a press release entitled, “Tangoe Announces That It Will Restate Financial Statements.”
Further, after market closed on March 7, 2016, the Company also filed a Form 8-K with the SEC disclosing the consolidated financial statements of the fiscal years ending December 31, 2013 and 2014, as well as the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015 should no longer be relied upon.
On this news, shares of Tangoe fell $0.70 per share or over 9% from its previous closing price to close at $7.75 per share on March 8, 2016, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com