The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Telos Corporation (NASDAQ: TLS) who purchased shares between November 19, 2020 and November 12, 2021. The action, which was filed in the United States District Court for the Eastern District of Virginia, alleges that the Company violated federal securities laws.
(1) the Transportation Security Administration (“TSA”) and Centers for Medicare and Medicaid Services (“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; (2) 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; (3) COVID-19- and hacking scandal-related headwinds were throwing off the timing for performance of the TSA and CMS contracts and their associated revenues; (4) as a result, the guidance provided by Defendants was not in fact “conservative”; (5) as a result of the delays, Telos would be forced to dramatically reduce its revenue estimates; and (6) 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.
Shareholders have until April 8, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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