NEW YORK, Aug. 15, 2013 /PRNewswire/ -- Morgan & Morgan 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"). The Complaint alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers.
If you purchased Inteliquent during the Class Period, you may, no later than October 8, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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.
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