Case Page

 

Case Status:    SETTLED
On or around 12/04/2013 (Date of order of final judgment)

Filing Date: November 12, 2008

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.

On September 14, 2010, an order was issued by the Court that dismissed the plaintiffs’ complaint with leave to amend.

On October 26, 2010, a Third Amended Complaint was filed by the lead plaintiffs against the defendants.

On August 22, 2012, the Court issued an Order granting in part and denying in part Plaintiffs' Motion to Certify Class.

On August 5, 2013, the parties entered into a Stipulation of Settlement. The Court preliminarily approved this Settlement on August 21. On December 4th, the Court issued an Order awarding attorneys' fees and expenses. This was followed by a Final Judgment and Order of Dismissal with Prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: INAP
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Georgia
DOCKET #: 08-CV-03462
JUDGE: Hon. Owen Forrester
DATE FILED: 11/12/2008
CLASS PERIOD START: 03/28/2007
CLASS PERIOD END: 03/18/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Page Perry LLC
    1040 Crown Pointe Parkway; Suite 1050, Page Perry LLC, GA 30338
    877.673.0047 877.673.0047 · attorneys@pageperry.com
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 08-CV-03462
JUDGE: Hon. Owen Forrester
DATE FILED: 08/12/2009
CLASS PERIOD START: 03/28/2007
CLASS PERIOD END: 03/18/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Federman & Sherwood (Oklahoma City)
    10205 N. Pennsylvania, Federman & Sherwood (Oklahoma City), OK 73120
    405.235.1560 405.235.1560 ·
  3. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  4. Page Perry LLC
    1040 Crown Pointe Parkway; Suite 1050, Page Perry LLC, GA 30338
    877.673.0047 877.673.0047 · attorneys@pageperry.com
No Document Title Filing Date