|[August 19, 2013]
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Inteliquent, Inc.
LOS ANGELES --(Business Wire)--
Binkow & Goldberg LLP announces that a class action lawsuit has
been filed in the United States District Court for the Northern District
of Illinois on behalf of a class (the "Class") comprising all purchasers
of the securities of Inteliquent,
Inc. ("Inteliquent" or the "Company") (NASDAQ:IQNT) between May 7,
2012 and August 7, 2013 (the "Class Period").
A COPY OF THE COMPLAINT
IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE
CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212) 682-5340, OR BY
EMAIL TO SHAREHOLDERS@GLANCYLAW.COM
TO DISCUSS THIS MATTER OR IF YOU PURCHASED INTELIQUENT SHARES PRIOR TO
THE CLASS PERIOD. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING
ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
Inteliquent provides voice, Internet protocol (IP) transit, and Ethernet
telecommunications services. The Complaint alleges that defendants
misrepresented or failed to disclose that: (1) he Company misstated the
impairment of goodwill, intangibles and long-lived assets; (2) the
Company had improper financial forecasting practices; (3) the Company
lacked adequate internal and financial controls; and (4) as a result of
the foregoing, the Company's statements were materially false and
misleading at all relevant times.
In its Annual Report on Form 10-K for the year ended December 31, 2012,
Inteliquent reported a $75.3 million impairment charge, and a net loss
of $78.1 million. On August 8, 2013 the Company issued a press release
announcing that during the second quarter of 2013, "the Board of
Directors of the Company determined that an internal investigation of
whether such impairment charge was overstated should be undertaken by
the Audit Committee with the assistance of independent outside
professionals," and that the Audit Committee, with the assistance of
independent outside professionals, should conduct an internal
investigation of the Company's financial forecasting practices during
the fourth quarter of 2012 and the first quarter of 2013.
Following this news, the price of Inteliquent shares dropped $1.72 per
share, nearly 22%, to a closing price of $6.29 per share on August 8,
2013, on volume of more than 2.7 million shares traded.
If you are a member of the Class described above you may move the Court
no later than October 8, 2013 to serve as lead plaintiff; however, you
must meet certain legal requirements. To be a member of the Class you
need not take any action at this time; you may retain counsel of your
choice or take no action and remain an absent member of the Class.
If you wish to learn
more about this action or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888)
773-9224, or contact Gregory
Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd
Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by
e-mail to firstname.lastname@example.org,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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