According to the Complaint, Pareteum Corporation purports to operate a communications cloud services platform in Europe and internationally. The Company’s platform purports to provide mobility, messaging, and security services and applications, with a single-sign-on, application program interface (API), and software development suite.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Pareteum improperly and inaccurately recognized revenue for certain customer transactions; (2) Pareteum’s financial statements for the fiscal year ending December 31, 2018 and quarters of ending March 31, 2019 and June 30, 2019 were false and could not be relied on; and (3) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

This case was voluntarily dismissed on January 7, 2020. A related case continues in the Southern District of New York under Docket 19-CV-09767.

On January 10, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 19-CV-09767. Lead Plaintiff filed a consolidated Complaint on February 26. Defendants filed a Motion to Dismiss the consolidated Complaint on April 24. On June 23, the Court issued an Order dismissing the case without prejudice.

Lead Plaintiff filed an amended consolidated Complaint on July 17, 2020. Defendants filed a Motion to Dismiss the amended consolidated Complaint on August 3. On August 11, 2021, the Court issued an Order denying Defendants' Motion to Dismiss.

Plaintiffs filed a Motion for Class Certification on December 1, 2021. On January 21, 2022, the Court granted Plaintiffs' Motion for Class Certification.

On May 15, 2022, the Issuer Defendant filed a voluntary petition under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. On July 21, the parties dismissed one of the Defendants from the action.

On August 17, 2022, Plaintiffs notified the Court that the parties had reached an agreement to resolve the litigation in two separate Settlements. Plaintiffs entered into a Stipulation of Settlement on July 14, 2022, with one of the Defendants. On September 7, 2022, Plaintiffs entered into a Stipulation of Settlement with four of the individual Defendants. The parties amended the Stipulations of Settlement on October 25. On December 20, the Court granted preliminary approval of both Settlements. On May 3, 2023, the Court granted final approval of both Settlements, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On October 25, 2023, the Court issued an Order approving distribution of the net Settlement fund.