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Fly News Breaks for October 17, 2019
TEUM
Oct 17, 2019 | 07:46 EDT
As previously reported, Craig-Hallum analyst George Sutton downgraded Pareteum to Hold from Buy with a price target of $1, down from $6. The analyst says he cannot hide his disappointment with some of the moves made over the past several months. The heavily dilutive 150% warrant deal did little to build a long-term investor base and only served to scare off a lot of contemplative investors, he contends. Additionally, Sutton argues that the resignation of COO Denis McCarthy has further eroded what is left of his usual optimism. He views his leaving, along with the departure of the Head of Investor Relations as well as others as a sign of "an internal civil war."