Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Inteliquent, Inc. f/k/a Neutral Tandem, Inc. (“Inteliquent” or the “Company”) (NasdaqGS: IQNT) securities during the period between May 7, 2012 and August 7, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in Inteliquent, Inc. securities purchased on or after May 7, 2012, and held through the revelation of negative information on August 8, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 8, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company misstated the impairment of goodwill, intangibles and long-lived assets, and that the Company had improper financial forecasting practices. According to the Complaint, following the Company’s August 8, 2013 disclosure that the Board of Directors determined that the Audit Committee should conduct an internal investigation of whether an impairment charge was overstated and of the Company’s forecasting practices during the fourth quarter of 2012 and the first quarter of 2013, the value of Inteliquent shares declined significantly.