The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of Inteliquent, Inc. (Inteliquent) (NASDAQ: IQNT).
On August 8, 2013, Inteliquent announced that it was postponing its second quarter earnings call scheduled for Thursday, August 8, 2013, after determining that the Audit Committee of its Board of Directors, with the assistance of independent outside professionals, should conduct an internal investigation of the Company's financial forecasting practices during the fourth quarter of 2012 and the first quarter of 2013. The Company said the investigation will also cover whether a restatement of its financial statements relating to an overstatement of an impairment charge for the year ended December 31, 2012 will be required.
While Inteliquent also announced preliminary results for the second quarter of 2013 and financial estimates for 2013, it warned that such results and estimates may be subject to significant changes and adjustments as a result of the Audit Committee's ongoing internal investigation.
Since the above news, IQNT shares have dropped over 20% by noon EST during trading on August 8, 2013.Persons with relevant information, and IQNT shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.833.6245. Additional information is available on our website at: http://www.wohlfruchter.com/cases/iqnt. About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.