InterCloud Systems (ICLD) Stock Higher After Company Denies Paid Promotion Allegations

NEW YORK (TheStreet) -- InterCloud Systems (ICLD) stock is up 24.70% to $8.23 Friday following an announcement from the telecommunications company in which it denied recent accusations it paid for articles coaxing investors to buy shares.

The company said it launched an investigation and concluded the allegations were "wholly without merit." The Rosen Law Firm filed a complaint against InterCloud Systems based off of what the company calls "reckless" accusations.

Shares declined last week after the Rosen firm announced they were launching their investigation. Since then, four other law firms have started to solicit plaintiffs to join a lawsuit. InterCloud stated they would "vigorously" defend itself.

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