NEW YORK, Aug. 20, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of all those who purchased securities of Inteliquent, Inc. (NASDAQ: IQNT) ("Inteliquent" or the "Company") between May 7, 2012 and August 7, 2013, inclusive (the "Class Period").
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 shares declined $1.72 per share or over 21%, to close at $6.29 per share on August 8, 2013. Plaintiffs seek to recover damages on behalf of all Class members who invested in Inteliquent securities during the Class Period. If you invested in Inteliquent securities as described above during the Class Period, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than October 8, 2013. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.