San Diego, CA -- (SBWire) -- 02/22/2022 --An investor, who purchased NASDAQ: TLS shares, filed a lawsuit against Telos Corporation over alleged violations of Federal Securities Laws.
Investors who purchased shares of Telos Corporation (NASDAQ: TLS) have certain options and for certain investors are short and strict deadlines running. Deadline: April 8, 2022. NASDAQ: TLS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Ashburn VA based Telos Corporation, together with its subsidiaries, provides information technology (IT) solutions and services worldwide.
In July 2020, Telos Corporation announced a lucrative ten-year contract to provide services to the Transportation Security Administration ("TSA") and TSA PreCheck® that would commence in 2021.
A few months later, Telos Corporation announced another significant ten-year contract to provide services to the Centers for Medicare and Medicaid ("CMS") that also would commence in 2021.
On the heels of securing these two contracts that would generate a substantial portion of the Company's future revenue, Telos Corporation held its initial public offering ("IPO") on November 19, 2020, after the Company's stock had traded over-the-counter for several years. Through the IPO, Telos Corporation sold 17.2 million shares at $17.00 per share for gross proceeds of $292.6 million.
Then on November 15, 2021, during Telos Corporation' third quarter 2021 earnings call, Telos Corporation announced that it was not expecting the TSA PreCheck contract "to deliver meaningful sales this year."
Telos Corporation also disclosed that it was not including revenue from the CMS contract in the Company's 2022 outlook.
Shares of Telos Corporation (NASDAQ: TLS) declined from over $34.00 per share in September 2021, to as low as $10.04 per share on February 4, 2022.
The plaintiff claims that between November 19, 2020 and November 12, 2021, the defendants failed to disclose that the TSA and CMS contracts, which constituted a majority of the Company's future revenues, were not on track to commence as represented at the end of 2021 and in 2022, that defendants lacked a reasonable basis and sufficient visibility to provide and affirm the Company's 2021 guidance in the face of the uncertainty surrounding the TSA and CMS contracts, that COVID- and hacking scandal-related headwinds were throwing off the timing for performance of the TSA and CMS contracts and their associated revenues, that as a result, the guidance provided by Defendants was not in fact "conservative", that as a result of the delays, Telos would be forced to dramatically reduce its revenue estimates, and that as a result of the foregoing, Defendants' statements about Telos' business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
Those who purchased shares of Telos Corporation (NASDAQ: TLS) 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
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:TLS Shareholder Notice: Lawsuit Alleges Misleading Statements by Telos Corporation
A lawsuit was filed on behalf of investors in Telos Corporation (NASDAQ:TLS) shares over alleged securities laws violations.