According to the law firm press release, Inteliquent provides tandem interconnection services. The Company provides its services to carriers and service providers, including wireless, wireline, cable telephony and Voice over Internet Protocol companies.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company overstated the impairment of goodwill, intangibles and long-lived assets; (2) the Company had improper financial forecasting practices; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On August 8, 2013, the Company disclosed that, during the second quarter of 2013, "the Company began an internal investigation of whether such impairment charge was overstated", as well as into the Company's forecasting practices during the fourth quarter of 2012 and the first quarter of 2013. On this news, Inteliquent securities declined $1.72 per share or over 21%, to close at $6.29 per share on August 8, 2013.
On January 6, 2014, the Lead Plaintiff filed a Notice voluntarily dismissing this action.