A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Telestone Technologies Corporation (OTC:TSTC) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on February 21, 2018 and OTC:TSTC investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/15/2018 -- A deadline is coming up on February 21, 2018 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Telestone Technologies Corporation (OTC: TSTC) between March 31, 2010 and April 16, 2013.
Investors who purchased a significant amount of shares of Telestone Technologies Corporation (OTC: TSTC) between March 31, 2010 and April 16, 2013, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Telestone Technologies Corporation (OTC: TSTC) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/telestone-technologies-corporation-otc-tstc-investor-securities-class-action-lawsuit-02022015
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is February 21, 2018. The class action administrator for this case is Angeion Group.
The lawsuit was originally filed in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Telestone Technologies Corporation in connection with certain allegedly false and misleading statements made between March 31, 2010 and April 16, 2013.According to the complaint the plaintiff alleges on behalf of purchasers of Telestone Technologies Corporation (OTC: TSTC) common shares between March 31, 2010 and April 16, 2013, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 31, 2010 and April 16, 2013, Telestone Technologies Corporation reportedly earned almost all of its revenues from sales to the three largest Chinese telecommunications providers – China Unicom, China Mobile, and China Telecom – the so-called Big 3, while in fact, Telestone Technologies Corporation only collected a small fraction of its purported sales to the Big 3, and internally determined both that the Big 3 were routinely breaching their contractual obligations to Telestone Technologies Corporation and that there was little Telestone Technologies Corporation could do about it. The plaintiff alleged that revenues from sales to the Big 3 were thus not reasonably certain to be collectable, and should not have been recognize and that the market gradually learned that there were collectability issues with Telestone Technologies Corporation's revenues when its accounts receivable ballooned, leading to drops in Telestone Technologies Corporation's share price of 19.0%, on May 15, 2012, 14.8%, on November 19, 2012, and 64.2% on June 3, 2013.
Those who purchased shares of Telestone Technologies Corporation (OTC: TSTC) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com