Inteliquent Inc (NASDAQ:IQNT) Shareholder Class Action Lawsuit

A lawsuit has been filed in U.S. District Court for the Northern District of Illinois alleging that Inteliquent Inc. committed alleged violations of Federal Security laws by allegedly making false and misleading statements. The suit, which was filed on August 9, 2013, alleges that certain statements made by the officers and directors of Inteliquent between May of 2012 and August 2013 allegedly misled purchasers of Inteliquent stock about the true status and direction of the company, leaving them helpless when the Inteliquent stock price began to relentlessly decline.

If you have purchased shares of Inteliquent Inc (NASDAQ:IQNT) between May 7, 2012 and August 7, 2013, call 1-800-934-2921 right now to protect your rights.

Filing deadline:  10/08/2013

The lawsuit alleges that statements made by Inteliquent, and information which they withheld from investors, caused stock purchasers to overestimate the value of the firm's assets. It also alleges that Inteliquent lacked proper financial forecasting techniques and had less than adequate financial controls and internal safeguards. The suit alleges that as a result of this lack of oversight and transparency, investors were misled about the company's true financial condition. 

Inteliquent recorded a net loss of over $78 million in 2012. As the company's alleged misrepresentations became more apparent, Inteliquent stock suffered steady declines from over thirty dollars per share in 2009 to slightly over two dollars a share in 2012. This steep decline is alleged to be due to practices that allegedly prevented stockholders from accurately perceiving the company's true fiscal health. Inteliquent also surprised investors by announcing that an investigation and audit by the company's Board of Directors required a postponement of a scheduled earnings call, resulting in a sudden loss of one third of the value of a share of the company's stocks. 

Anyone who owned shares of Inteliquent Inc. (NASDAQ:IQNT) between May and August of 2013, or who bought shares before May of 2012 and are still holding them, are encouraged to have their legal options reviewed by contacting our lawyers by October 8, 2013.

Own shares of Inteliquent Inc (NASDAQ:IQNT)? Contact us to protect your rights.

If you have purchased shares of Inteliquent Inc (NASDAQ:IQNT) between May 7, 2012 and August 7, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights. 

Complete the form below for a free no obligation consultation. 

 

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