CHICAGO, Aug. 23, 2013 (GLOBE NEWSWIRE) -- Inteliquent, Inc. (Nasdaq:IQNT), a leading provider of voice services, today announced that the Audit Committee of Inteliquent's Board of Directors, with the assistance of independent outside professionals, has completed its previously disclosed internal investigation relating to an impairment charge and financial forecasting practices. Inteliquent has determined that as a result of the Audit Committee's findings, it will not be required to restate historical financial statements.
As disclosed in Inteliquent's Annual Report on Form 10-K for the year ended December 31, 2012, Inteliquent reported a $75.3 million impairment of goodwill and intangibles charge, a $13.2 million impairment of fixed assets charge, and a net loss of $78.1 million, in each case for the year ended December 31, 2012. As also previously disclosed by the company, during the second quarter of 2013, Inteliquent's Board of Directors determined that an internal investigation of whether such impairment charge was overstated should be undertaken by the Audit Committee with the assistance of independent outside professionals. During the same time period, Inteliquent's Board of Directors also determined that the Audit Committee, 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.
Inteliquent announced today that the Audit Committee completed its investigation. With the assistance of independent outside professionals, the Audit Committee found that no restatement of the company's previously issued financial statements nor any action relating to the company's previous financial forecasts is required. Further, Inteliquent intends to file its Quarterly Report on Form 10-Q for the period ended June 30, 2013 with the Securities and Exchange Commission as soon as practicable and well in advance of the previously disclosed October 14, 2013 due date by which Inteliquent is required to submit to Nasdaq a plan to regain compliance with Nasdaq's continued listing standards. Inteliquent expects to be in compliance with Nasdaq's continued listing standards after the filing of its Quarterly Report on Form 10-Q.