On or around 12/05/2017 (Date of order of final judgment)
Filing Date: March 28, 2014
According to the law firm press release, InterCloud is a global single-source provider of value-added services for corporate enterprises and service providers. The Company offers cloud and managed services, professional consulting services and voice, data and optical solutions. The Complaint alleges that throughout the Class Period defendants misrepresented or failed to disclose that the Company hired a promoter – The DreamTeam Group – to tout InterCloud stock without disclosing that it was paid by the Company to promote the stock. The Complaint further alleges that the promoter had posted misleading articles on behalf of the Company without properly disclosing its paid marketing relationship.
On November 5, 2014, the Court issued an Order appointing lead plaintiff and lead counsel. Lead Plaintiff filed an amended and consolidated complaint on January 9, 2015.
The parties entered into a Stipulation of Settlement on July 26, 2017. The Settlement was preliminarily approved on August 25.
On December 5, 2017, the Court issued Orders awarding Attorneys' Fees and Expenses, approving the Plan of Allocation, and entering Final Judgment.
Company & Securities Information
Defendant: InterCloud Systems, Inc.
Industry: Communications Services
Headquarters: United States
Ticker Symbol: ICLD
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.
First Identified Complaint
Scott Kranzler, et al. v. InterCloud Systems, Inc., et al.