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If you purchased shares of Internap Network Services Corporation (NASDAQ: INAP), you might have certain options and should contact 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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December 4, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
August 21, 2013 - The court preliminarily approved the settlement.
August 6, 2013 - Parties filed a stipulation of settlement.
September 30, 2011 - The court granted in part and denied in part the defendants motion to dismiss.
December 10, 2010 - The defendants filed a motion to dismiss.
October 26, 2010 - The plaintiffs filed a third amended complaint.
September 15, 2010 - The court granted defendant Internap Network Services Corporation's motion to dismiss and denied individual defendants' motion to dismiss.
November 6, 2009 - The plaintiffs filed a corrected amended complaint.
September 11, 2009 - The defendants filed a motion to dismiss.
August 12, 2009 - The plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Internap Network Services Corporation (NASDAQ: INAP) common shares between March 28, 2007 and August 5, 2007. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 28, 2007 and August 5, 2007.
August 12, 2009 - The court denied the defendants' motion to dismiss with leave to file an amended complaint.
February 4, 2009 - A lead plaintiff motion was filed.
January 20, 2009 - The defendants filed a motion to dismiss.
November 14, 2008 - An investor in shares of Internap Network Services Corporation (NASDAQ: INAP) filed a lawsuit in the U.S. District Court for the Northern District of Georgia against Internap Network Services Corporation over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges that traded securities of Internap Network Services Corporation and its Chief Executive Officer violated the Securities Exchange Act by issuing materially false and misleading statements regarding the Internap Network Services Corporation’s alleged successful integration of acquired businesses into its network and that such integration purportedly improved performance for customers, helped increase its customer base and resulted in record revenues. The stockholder alleges that contrary to these statements Internap Network Services Corporation allegedly concealed from the public that its customers were experiencing sever network outages and that several hundred customers had requested account credits. The complaint alleges that because of defendants’ false and misleading statements, Internap Network Services Corporation’s stock traded at artificially inflated prices between March 28, 2007 and March 18, 2008. But on March 18, 2008, Internap Network Services Corporation announced that it would delay filing its Form 10-K Annual Report, that it would send refunds to several hundred customers and that service outages caused a reduction of revenue and caused customers to request credits, and as a result of the news on the following day, March 19, 2008, Internap Network Services Corporation's stock price declined from $6.12 per share to a closing price of $4.09 per share, a decline of approximately 33%, so the lawsuit.