Tangoe Inc (NASDAQ: TNGO) Investor Securities Class Action Lawsuit 05/24/2016

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of February 22, 2018 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
Tangoe
Case Name: 
Tangoe Shareholder Class Action Lawsuit 05/24/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: TNGO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/24/2016
Class Period Begin: 
05/10/2013
Class Period End: 
06/16/2017
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
07/25/2016
Date Settled: 
11/13/2017
Settlement Amount: 
$2,550,000
Deadline to Participate in Settlement: 
02/22/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

November 13, 2017 - The court preliminarily approved the settlement.

October 3, 2017 - Parties filed a stipulation of settlement.

January 26, 2017 - The case was transferred from the U.S. District Court for the District of New Jersey to the U.S. District Court
for the District of Connecticut.

January 11, 2017 - Lead plaintiff and lead counsel were appointed.

July 25, 2016 - Lead plaintiff motions were filed.

May 24, 2016 - An investor in shares of Tangoe Inc (NASDAQ: TNGO) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Tangoe Inc connection with certain allegedly false and misleading statements made between March 18, 2014 through March 7, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Tangoe Inc (NASDAQ: TNGO) common shares between March 18, 2014 through March 7, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 18, 2014 through March 7, 2016 the defendants issued certain allegedly false and misleading statements to investors and/or failed to disclose that defendants made errors in recognizing Tangoe Inc’s revenue, that Tangoe Inc’s financial results were overstated, and that as a result, statements about Tangoe Inc’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Tangoe Inc reported that its annual Total Revenue rose from $188.91 million in 2013 to $212.48 million in 2014 and that its Net Income of $4.96 million in 2013 declined to $2.94 million in 2014.

On March 7, 2016, Tangoe Inc (NASDAQ: TNGO) announced that it will restate its financial statements for the years 2013 and 2014, all quarters therein, and the first 3 quarters of 2015. Tangoe Inc said that this decision was approved by the Company's Board of Directors, upon the recommendation of the Company's Audit Committee and that Tangoe Inc does not expect to file its annual report on Form 10-K with the SEC as scheduled on March 15, 2016.

Sahres of Tangoe Inc (NASDAQ: TNGO) declined on March 8, 2016, to as low as $5.32 per share.