Kirby McInerney LLP announced today that it has been retained by an investor in Tangoe, Inc. (“Tangoe” or the “Company”) (NASDAQ: TNGO) to pursue claims in the United States District Court for the District of Connecticut on behalf of all persons or entities who purchased Tangoe securities between December 20, 2011 and September 5, 2012 (the “Class Period”). Other investors have already filed suit asserting claims against Tangoe and certain officers for violation of §10(b) of the Securities Exchange Act of 1934.
Tangoe develops and markets computer software to help companies manage and control their fixed and mobile communications assets and costs. The lawsuit as filed alleges that throughout the Class Period, Defendants issued materially false and misleading statements regarding the Company’s business, operational and compliance policies to inflate their share price. Particularly, 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 that described the Company as having a “risky acquisition-driven growth strategy.” On this news, Tangoe shares declined $3.39 per share from $20.09 per share to $16.70 per share.
On September 6, 2012, another report was published that alleged that the Company had materially misrepresented its organic growth rate. On this news, Tangoe shares declined $1.03 per share, from $17.00 to $15.97 per share.
If you acquired Tangoe securities during the Class Period, you may, no later than April 29, 2013, request that the court appoint you lead plaintiff of the proposed class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement. If you have any questions about this matter, and any rights you might have with respect to these claims, contact Tom Elrod at
, or Wilona Karnadi at
, or by telephone at (212) 371-6600.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against Tangoe can be found at Kirby McInerney LLP’s website: