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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of January 12, 2018 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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August 25, 2017 - The court preliminarily approved the settlement.
July 27, 2017 - A stipulation of settlement was filed by the parties.
October 29, 2015 - The court denied defendants' motion to dismiss.
March 13, 2015 - A motion to dismiss the second amended consolidated complaint was filed.
February 20, 2015 - A second amended complaint was filed.
January 30, 2015 - A motion to dismiss the amended consolidated complaint was filed.
January 9, 2015 - An amended consolidated complaint was filed.
March 25, 2014 - An investor in shares of InterCloud Systems Inc (NASDAQ: ICLD) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by InterCloud Systems Inc in connection with certain allegedly false and misleading statements made between November 5, 2013 and March 17, 2014. According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of InterCloud Systems Inc (NASDAQ: ICLD) between November 5, 2013 and March 17, 2014, that InterCloud Systems 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 claims that between November 5, 2013 and March 17, 2014 various articles were published enthusiastically touting InterCloud Systems Inc’s stock and that those articles were written by, among others, John Mylant and “Kingmaker,” who stated that they had not been paid by InterCloud Systems Inc and purported to run a volatility trading group. The plaintiff says that as a result of the articles, InterCloud Systems Inc’s stock price rose from $2.55 on November 14, 2013 to a peak of $18.13 on January 15, 2014, two days after a glowing article written by “Kingmaker.” Then on March 13, 2014, an article disclosed that John Mylant was a paid promoter who worked closely with the companies that employed him to publish favorable articles while falsely stating that he was independent of the companies he promoted. The plaintiff alleges that on March 17,2014, after trading hours, a journalist asserted that stock promotion firm, the DreamTeam Group, works with authors like Mr. Mylant to create misleading press campaigns touting the companies that hire it, and had been employed to tout InterCloud Systems Inc’s stock price. Shares of InterCloud Systems Inc (NASDAQ: ICLD) declined to $6.94 per share on March 21, 2014. On March 25, 2014, InterCloud Systems Inc (NASDAQ: ICLD) shares closed at $7.98 per share.