SAN DIEGO and CHICAGO, Aug. 15, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP announce that an investor in Inteliquent, Inc. (NASDAQ: IQNT) ("Inteliquent") has filed a complaint in the U.S. District Court for the Northern District of Illinois. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between May 7, 2012 and August 7, 2013 (the "Class Period").
Inteliquent Accused of Making False and Misleading Statements
According to the complaint, Inteliquent lacked adequate internal controls over its financial reporting, and provided false and misleading forecasts of its financial results. Specifically, Inteliquent officials made false and/or misleading statements and/or failed to disclose that: (1) the impairment of goodwill, intangibles and long-lived assets had been overstated; (2) the company had improper financial forecasting practices; and (3) the company lacked adequate internal and financial controls. In particular, the complaint alleges that Inteliquent materially misstated an impairment charge of
$78.1 million for the fiscal year ended
December 31, 2012.
Inteliquent's Stock Price Drops on News of Overstated Impairment Charge
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