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Msg  1801 of 1807  at  3/13/2021 10:40:08 PM  by


Aurelius Value was profetic.

Both of the 2018 and 2019 restatements bear out the Aurelius Value accusations of their June 7th, 2019 report.


Aurelius Value’s Accusations

Published on June 10, 2019 at 11:36 am by Nina Zdinjak in Hedge Funds, News
On Friday, June 7th, short seller, Aurelius Value, published a degrading report on Pareteum Corporation (NASDAQ:TEUM) with the title “Where Are The Customers?”. In the report, among many other claims, Aurelius Value said that Pareteum has a questionable value of its 36-months backlog (reaching $900 million) on the back of its customers for which Aurelius Value suspects being capable of paying disclosed contractual values. It also questions whether the company will be able to convert 100% its backlog to revenue at the contractual rates. One example of the issue in question is Pareteum’s announced contract deal with “Eyethu Mobile Network”, a South Africa-headquartered company, worth around $50 million. Aurelius Value wanted to further research this company, hence it went for a visit, allegedly discovering “a dilapidated shack and crumbling structures near a rural African village”.

Another important acquisition relates to Pareteum’s management team with Aurelius Value linking them to previous breakdowns and/or frauds. More specifically, the report states that biographies for CEO Hal Turner and TEUM’s COO avoid representing their head positions at Catcher Holdings, which ended up being an unprofitable stock, due to its connection with Barry Honig, an infamous stock operator who was charged with fraud by the Securities and Exchange Commission in October 2018. Aurelius Value finds “similarities between TEUM and the stock promotion at Catcher”, alluding that Pareteum’s investors could end up with nothing as Cathcer’s did.”

So, the CEO and COO were previously part a previously fraudulent scheme, one or more of their contracts appears to be bogus, they claim of a gigantic $900M backlog in 2019 doesn't seem to be materializing after two years---evidenced by their constant and current need to trade heavily discounted shares for debt.


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