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.

Must Read: Warren Buffett's 10 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

ICLD Chart ICLD data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Stocks Sputter as U.S. 10-Year Yields Test 3% Amid Commodity-Led Inflation Spike

Stocks Sputter as U.S. 10-Year Yields Test 3% Amid Commodity-Led Inflation Spike

Global Stocks Slip as Rising Yields, Tech Weakness, Unsettle Markets

Global Stocks Slip as Rising Yields, Tech Weakness, Unsettle Markets

European and U.S. Stocks Called Higher as Earnings Season Hits Full-Speed

European and U.S. Stocks Called Higher as Earnings Season Hits Full-Speed

3 Things Investors Must Know for Monday

3 Things Investors Must Know for Monday

Street Stats: The Mid-Term Elections May Be a Rollercoaster Ride for Investors

Street Stats: The Mid-Term Elections May Be a Rollercoaster Ride for Investors