Case Page

 

Case Status:    DISMISSED    
On or around 09/30/2014 (Other)

Filing Date: March 01, 2013

According to the law firm press release, 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.

On April 3, 2013, the Court issued an Order consolidating cases. Case number 13-cv-364 shall be consolidated into this case, as the two cases are based on the same facts and contain the same allegations. This case, docket number 13-cv-286, shall be the lead case. On April 26, the court issued another Order consolidating cases. Case number 13-cv-517 shall be consolidated into this case, as the two cases are based on the same facts and contain the same allegations. This case, docket number 13-cv-286, shall be the lead case.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TNGO
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Connecticut
DOCKET #: 13-CV-00286
JUDGE: Hon. Vanessa L. Bryant
DATE FILED: 03/01/2013
CLASS PERIOD START: 12/20/2011
CLASS PERIOD END: 09/05/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Elstein and Elstein, P.C.
    1087 Broad Street Suite 400, Elstein and Elstein, P.C., CT 06604
    203.367.4421 203.366.8615 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date