Ryan & Maniskas, LLP Files Class Action Lawsuit Against Tangoe, Inc.
WAYNE, Pa., April 19, 2013
WAYNE, Pa., April 19, 2013 /PRNewswire/ --Ryan & Maniskas, LLP
(www.rmclasslaw.com/cases/tngo) has filed a class action lawsuit 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 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. For more information regarding this class action
suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire)
toll-free at (877) 316-3218 or by email at email@example.com or visit:
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: (1) the Company was overstating organic growth by underreporting the
percentage of revenue derived from recent acquisitions; (2) the Company was
not growing customers organically as its deferred implementation fees failed
to grow; and (3) 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.
If you are a member of the class, you may, no later than April 29, 2013,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other class members
in directing the litigation. In order to be appointed lead plaintiff, the
Court must determine that the class member's claim is typical of the claims of
other class members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may together
serve as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead plaintiff.
You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve
as your counsel in this action.
For more information about the case or to participate online, please visit:
www.rmclasslaw.com/cases/tngo or contact Richard A. Maniskas, Esquire
toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For
more information about class action cases in general or to learn more about
Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan &
Maniskas, LLP is devoted to protecting the interests of individual and
institutional investors in shareholder actions in state and federal courts
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
SOURCE Ryan & Maniskas, LLP
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