Lieff Cabraser Announces Class Action Lawsuit Against Tangoe, Inc.
SAN FRANCISCO--(BUSINESS WIRE)-- The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of all persons who purchased the securities of Tangoe, Inc. ("Tangoe" or the "Company") (NYS: TNGO) between December 20, 2011 and September 5, 2012, inclusive (the "Class Period").
If you purchased or otherwise acquired Tangoe securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than April 30, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Tangoe, Inc. investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Douglas I. Cuthbertson of Lieff Cabraser toll-free at 1 (800) 541-7358.
This action is brought on behalf of all purchasers of the securities of Tangoe, Inc. ("Tangoe" or the "Company") during the Class Period.
Tangoe develops and markets computer software that helps companies manage and control their fixed and mobile communications assets and costs.
The Complaint alleges that throughout the Class Period, Defendants conducted a scheme to inflate their share price through a series of acquisitions, and made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was overstating organic growth by underreporting the percentage of revenue derived from recent acquisitions; (ii) the Company was not growing customers organically as its deferred implementation fees failed to grow; and (iii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On August 28, 2012, thestreetsweeper.org published a report that described the Company as possessing a "risky acquisition-driven growth strategy." Upon this news, Tangoe shares declined $3.39 per share, or almost 17%, to close at $16.70 per share on August 28, 2012.
On September 6, 2012, Copperfield Research published a report which concluded 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 fall an additional $1.68 per share or 10.5%, to close at $14.29 per share on September 7, 2012.
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Lieff Cabraser Heimann & Bernstein, LLP
Douglas I. Cuthbertson, 800-541-7358
KEYWORDS: United States North America California
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