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Inteliquent Inc (NASDAQ: IQNT) Investor Securities Class Action Lawsuit 08/09/2013

  • If you purchased shares of Inteliquent Inc (NASDAQ: IQNT), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Inteliquent Inc
Security
NASDAQ: IQNT

Case Name
Inteliquent Shareholder Class Action Lawsuit 08/09/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Illinois

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

January 6, 2014 - The lead plaintiff filed a notice of voluntary dismissal without prejudice.
November 1, 2013 - The lead plaintiff and lead counsel were appointed.

October 8, 2013 - Lead plaintiff motions were filed.

August 9, 2013 - An investor in shares of Inteliquent Inc (NASDAQ: IQNT) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by Inteliquent Inc in connection with certain allegedly false and misleading statements made between May 7, 2012 and August 7, 2013.

According to the complaint the plaintiff alleges on behalf of purchasers of Inteliquent Inc (NASDAQ: IQNT) common stock during the period between May 7, 2012 and August 7, 2013, that Inteliquent Inc and certain of its officers and directors violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Inteliquent Inc allegedly overstated the impairment of goodwill, intangibles and long-lived assets, that Inteliquent Inc had allegedly improper financial forecasting practices, that Inteliquent Inc allegedly lacked adequate internal and financial controls, and that as a result of the foregoing, Inteliquent Inc’s statements were allegedly materially false and misleading at all relevant times.

Inteliquent Inc (NASDAQ: IQNT) reported that its annual Total Revenue increased from $168.91 million in 2009 to $275.45 million in 2012, while its net Income of $41.31 million in 2009 declined to a Net loss o $78.15 million in 2012.

Shares of Inteliquent Inc (NASDAQ: IQNT) declined from $31.00 per share in July 2009 to as low as $2.15 per share in November 2012.

Since then NASDAQ: IQNT shares gained value and reached in mid-July 2013 $9.02 per share.

Then on August 8, 2013, Inteliquent Inc announced its preliminary financial results for the second quarter of 2013. Inteliquent Inc also announced that, as a result of an ongoing investigation by the Audit Committee of Inteliquent Inc's Board of Directors, it has postponed its scheduled earnings call, which had been set for Thursday, August 8, 2013.

Shares of Inteliquent Inc dropped from $8.14 per share on August 7, 2013, to $5.895 per share on August 8, 2013.