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TheStreet Open House

EQUITY ALERT: The Rosen Law Files Securities Fraud Class Action Against InterCloud Systems, Inc. - ICLD

The Rosen Law Firm announces that it has filed a class action against InterCloud Systems, Inc. (NASDAQ:ICLD) and certain stock promoters on behalf of purchasers of the Company’s common stock during the period between November 5, 2013 and March 17, 2014, both dates inclusive. The lawsuit seeks to recover damages ICLD shareholders suffered from the defendants’ alleged violations of the federal securities laws.

To join the ICLD class action, go to the website at http://rosenlegal.com or call Phillip Kim, Esq. or Jonathan Horne, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or jhorne@rosenlegal.com for information on the class action. The lawsuit is pending in the U.S. District Court for the District of New Jersey.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, during the Class Period various articles were published 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. As a result of the promotional articles, 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.

The complaint further alleges that on March 13, 2014, an article on Seeking Alpha 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.

The suit claims that as a result of this adverse information, on March 13 and 18, InterCloud’s stock price fell, damaging investors.

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