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.
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