Tangoe (TNGO) Gets Swept Up
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Shares of Tangoe (Nasdaq: TNGO) are lower intraday on Thursday following a scathing article by reporters at the thestreetsweeper.org. In the article, reporter Melissa Davis said the company is running an expensive and risky growth strategy that should cause alarm for investors.
Tangoe has tapped the capital markets twice in 10 months, raising $100 million and spending most of it on a $75 million shopping spree, reported Davis. This is an expensive shopping habit and investors are footing the bill as the company gobbles up smaller players in the telecommunications expense management space in effort to fuel its risky growth strategy.
By now Tangoe could have easily tripped over tough questions on its own, wrote Davis. Instead, "Tangoe has spent more than a full year successfully dancing around a maze of potential landmines." Worse still, the company previously led by Tangoe's CEO and CFO "literally exploded" and the reports put the blame squarely in their lap.
Shares of TNGO are down 9.9 percent mid-day following the report.
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Tangoe has tapped the capital markets twice in 10 months, raising $100 million and spending most of it on a $75 million shopping spree, reported Davis. This is an expensive shopping habit and investors are footing the bill as the company gobbles up smaller players in the telecommunications expense management space in effort to fuel its risky growth strategy.
By now Tangoe could have easily tripped over tough questions on its own, wrote Davis. Instead, "Tangoe has spent more than a full year successfully dancing around a maze of potential landmines." Worse still, the company previously led by Tangoe's CEO and CFO "literally exploded" and the reports put the blame squarely in their lap.
Shares of TNGO are down 9.9 percent mid-day following the report.
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*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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