WILMINGTON, Del., June 02, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Tangoe, Inc. (NASDAQ:TNGO)?
- Did you purchase your shares between March 18, 2014 and March 7, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities that purchased the common stock of Tangoe, Inc. (“Tangoe” or the “Company”) (NASDAQ:TNGO) between March 18, 2014 and March 7, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Tangoe during the Class Period, or purchased shares prior to the Class Period and still hold Tangoe, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/tangoe-inc-tngo.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) defendants made errors in recognizing revenue; (2) Tangoe’s financial results were overstated; and (3) as a result, defendants’ statements about the Tangoe’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on March 7, 2016, post-market, the Company issued a press release entitled, “Tangoe Announces That It Will Restate Financial Statements.” In the release, it was announced that “the Company will restate its financial statements for the years 2013 and 2014, all quarters therein, and the first 3 quarters of 2015. This decision was approved by the Company's Board of Directors, upon the recommendation of the Company’s Audit Committee.”
Further, after market closed on March 7, 2016, the Company also filed a Form 8-K with the SEC disclosing the consolidated financial statements of the fiscal years ending December 31, 2013 and 2014, as well as the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015 should no longer be relied upon.
On this news, shares of Tangoe dropped over 9%, closing at $7.05 per share on March 8, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than July 25, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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