SOURCE: Saxena White P.A.
BOCA RATON, FL--(Marketwire - Mar 15, 2013) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the District of Connecticut against Tangoe, Inc. ("Tangoe" or the "Company") (NASDAQ: TNGO) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from December 20, 2011 through September 5, 2012 (the "Class Period"). The complaint brings claims for violations 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 complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects. In fact, Tangoe misled investors about core revenue growth and pace of organic, new customer growth. On August 28, 2012, TheStreetSweeper issued a critical report of Tangoe warning investors about the Company's risks. On September 6, 2012, Copperfield Research stated in a separate report that "after doing a deep dive into Tangoe's financials, it is our belief that the company has significantly misrepresented its de novo growth rate, while demonstrating many of the telltale shenanigans and behavior that tends to be a harbinger for blow ups. We believe that an SEC investigation may be warranted based on our belief Tangoe publicly misrepresented its organic growth rates, and altered material biographic information, in front of a large secondary offering." In response to the reports, Tangoe stock dropped nearly 30% to $14.29 per share, a far cry from the Company's Class Period high of $22.72 per share only a few months prior.
Further, on March 29, 2012, during the Class Period, Tangoe completed a secondary stock offering of its common shares whereby the Company sold 8.0 million shares to the investing public at a price of $18.50 per share, of which 5.8 million shares were sold by insiders cashing out of the stock. There are additional claims that can be brought in connection with this secondary offering, but it will be necessary for an investor who purchased Tangoe stock in the offering to come forward to represent these interests. If you have questions, please contact us.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased Tangoe stock between December 20, 2011 and September 5, 2012, inclusive, you may contact Joe White (email@example.com) or Marc Grobler (firstname.lastname@example.org) at Saxena White P.A. to discuss your rights and interests.
If you purchased Tangoe common stock during the Class Period of December 20, 2011 through September 5, 2012, inclusive, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than April 30, 2013. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.