Pomerantz Law Firm Issues Corrected Notice to Clarify Lead Plaintiff Deadline
of April 30, 2013 in Securities Class Action Against Tangoe, Inc., and Certain
Officers - TNGO
NEW YORK, March 7, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP issues this corrected notice to clarify the Lead
Plaintiff appointment deadline in the securities class action lawsuit it filed
on behalf of class members 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 Connecticut, and docketed under
3:13-CV-286(VLB), is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired securities of Tangoe between
December 20, 2011 and September 5, 2012, both dates inclusive of (the "Class
Period"). This class action seeks to recover damages against the Company and
certain of its officers and directors as a result of alleged violations of the
federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Tangoe securities during the Class
Period, you have until April 30, 2013 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
email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number.
Tangoe develops and markets computer software to help companies manage and
control their fixed and mobile communications assets and costs.
The Complaint alleges that throughout the Class Period, Defendants
orchestrated 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, 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.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, 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 70 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.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
Press spacebar to pause and continue. Press esc to stop.