by Admin Istrator | March 23, 2022 4:15 pm
A securities fraud lawsuit has been filed against Telos Corporation (NASDAQ: TLS) for potential securities violations on behalf of shareholders who purchased shares anytime during the period from November 19, 2020 through November 12, 2021. The release of potentially misrepresentative and misleading information, as well as failure to disclose material adverse facts to the public may have resulted in material losses for shareholders. The class action lawsuit has already been filed.
On November 15, 2021, Telos announced that its contract for TSA PreCheck would be delayed to 2022. Additionally, its multi-billion dollar contract with Centers for Medicare and Medicaid Services (“CMS”) is being delayed until after 2022. As a result, the Company reduced its revenue expectation, which was previously a range of $283 million to $295 million, to a new expected range between $240 million and $245 million revenue. On this news, the Company’s stock price fell from $24.38 to close at $17.54 per share on November 15, 2021, a drop of approximately 28%.
The complaint against Telos Corp. alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
If you purchased shares of Akebia Therapeutics common stock during the relevant time period, you may be entitled to compensation, without payment of any out-of-pocket litigation fees or costs. You may request the Court to appoint you as lead plaintiff for the class action no later than April 8, 2022. Should you be designated as the lead plaintiff, you may significant discretion over the litigation, including approval of a final settlement amount. We urge investors to contact us to discuss this matter. MDF Law PLLC, is a New York City based law firm whose practice focuses on advocating for investors’ rights. Our attorneys have helped recover hundreds of millions of dollars for investors. We take our cases on contingency, which means we do not collect a legal fee unless our clients recover money. Contact MDF Law for a free and confidential consultation about this matter.
Source URL: https://mdf-law.com/telos-corp-lawsuit/
Copyright ©2022 MDF Law unless otherwise noted.