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The Rosen Law Firm announces that it is investigating potential securities fraud claims against InterCloud Systems, Inc. (NASDAQ:ICLD) resulting from allegations that InterCloud may have paid outsiders to pump its stock using false and misleading articles.
In the fall of 2013, there began to be published various articles enthusiastically touting InterCloud’s stock. The articles were written by, among others, John Mylant and “Kingmaker,” who purported to run a volatility trading group. Mr. Mylant and Kingmaker’s favorable InterCloud articles stated that they had not been paid by InterCloud. InterCloud’s stock price rose from $2.55 on November 14, 2013, to a peak of $18.13 on January 15, 2014, two days after a glowing article written by “Kingmaker”. On December 13, 2013, InterCloud sold debentures with a face value of $11,625,000.
Then, on March 13, 2014, an article on
Seeking Alpha, citing emails allegedly sent by Mr. Mylant, disclosed that John Mylant was a paid promoter who worked closely with the companies that employed him to publish favorable articles while falsely stating that he was independent of the companies he promoted. And on March 17, after trading hours, journalist Roddy Boyd asserted that notorious stock promotion firm, the DreamTeam Group, works with authors like Mr. Mylant to create misleading press campaigns touting the companies that hire it, and had been employed to tout InterCloud’s stock price.
As a result of this adverse information, on March 13 and 18, InterCloud’s stock price fell by $1.19 and $1.28, respectively, damaging investors.
The Rosen Law Firm is investigating a securities class action lawsuit on behalf of InterCloud investors. If you purchased InterCloud stock between November 15, 2013 and March 17, 2014, please visit the website at
http://rosenlegal.com for more information. You may also contact Jonathan Horne, Esq., or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.