NEW YORK, March 8, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the District of Connecticut on behalf of purchasers of Tangoe, Inc. common stock ("Tangoe") (Nasdaq:TNGO) during the class period December 20, 2011 through September 5, 2012, inclusive (the "Class Period"). The class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws.
If you purchased Tangoe between December 20, 2011 and September 5, 2012, you may, no later than April 30, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported 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.
If you purchased Tangoe and are interested in learning more about the Tangoe securities fraud class action please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at firstname.lastname@example.org.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business prospects. Specifically, defendants overstated Tangoe's organic growth rate by underreporting the revenue it derived from recent acquisitions. According to the Complaint, following an August 28, 2012 report by thestreetsweeper.org that described the Company as having a "risky acquisition driven growth strategy," and a September 6, 2012 report by Copperfield Research that concluded that the Company had materially misrepresented its organic growth rate, the value of Tangoe shares declined a combined $4.12 per share, or approximately 20.5%, to close at $15.97 per share on September 6, 2012.
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Source: Morgan & Morgan