WAYNE, Pa, Aug. 23, 2013 /PRNewswire/ -- Ryan & Maniskas, 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 purchasers of Inteliquent, Inc.("Inteliquent" or the "Company") (Nasdaq: IQNT) common stock during the period between May 7, 2012 and August 7, 2013 (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/iqnt.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that Inteliquent: (1) misstated the impairment of goodwill, intangibles and long-lived assets; (2) had improper financial forecasting practices; (3) lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Inteliquent's statements were materially false and misleading at all relevant times. As a result, the Company's stock traded at artificially inflated prices during the Class Period.
In its Annual Report for the year ended December 31, 2012, Inteliquent reported a $75.3 million impairment charge. On August 8, 2013, the company disclosed in a press release that during the second quarter of 2013, the Board of Directors of the Company determined that the Audit Committee would conduct an "internal investigation of whether [an] impairment charge was overstated." During the same time period, the Board of Directors also determined 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, shares in Inteliquent dropped more than 21%, closing at $6.29 per share on August 8, 2013, on heavy trading volume of over 2.7 million shares.
If you are a member of the class, you may, no later than October 8, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/iqnt or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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