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Internap Network Services Corporation Summary: According to a press release dated November 14, 2008, the complaint charges the Company and its Chief Executive Officer with violations of the Exchange Act. Internap provides Internet connectivity solutions to business customers who require business applications such as e-commerce, video and audio streaming, customer relationship management, voice over Internet protocol, virtual private networks, and supply chain management.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's alleged successful integration of acquired businesses into its network and that such integration purportedly improved performance for customers, helped increase the Company's customer base and resulted in record revenues. According to the complaint, however, the company allegedly hid 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's stock traded at artificially inflated prices during the Class Period. On March 18, 2008, the Company announced, inter alia, 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. On the following day, March 19, 2008, Internap's stock price plummeted from $6.12 per share to a closing price of $4.09 per share, a decline of approximately 33%.
On August 12, 2009, an amended complaint was filed with the court by the plaintiffs.
On November 06, 2009, a corrected amended complaint was filed by the plaintiffs against the defendants.
INDUSTRY CLASSIFICATION:
SIC Code: 7370
Sector: Technology
Industry: Software & Programming
| COMPANY/ISSUER NAME: | Internap Network Services Corporation |
| COMPANY/ISSUER TICKER: | INAP |
| COMPANY WEBSITE: | http://www.internap.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Catherine Anastasio, et al. v. Internap Network Services Corporation, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint | |||
| Type: Complaint | Date on the document: 11/12/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 11/12/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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