SAN FRANCISCO, Oct. 21, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Inteliquent, Inc. that the firm is investigating possible securities law violations by the Company and its officers.
If you purchased or otherwise acquired securities of Inteliquent before September 19, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/IQNT
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing IQNT@hbsslaw.com.
Hagens Berman’s investigation concerns whether Inteliquent and its management violated federal securities laws and belatedly corrected earnings guidance that lead to a significant stock drop.
During Inteliquent’s February 18, 2016 earnings conference call, the Company provided 2016 revenue guidance of $370 to $390 million. The Company reiterated its guidance during the Company’s April 28, 2016 earnings conference call. Then, on August 2, 2016, Inteliquent reported it missed its earnings numbers and reduced its 2016 revenue guidance to $360 to $370 million. This news drove the price of the Company’s shares down over 20% to close at $16.60 that day.
Leading up to the Company’s guidance reduction and stock drop, an Inteliquent director sold nearly $5 million worth of Company stock in July 2016.
On September 19, 2016, the Company announced that its Chief Financial Officer resigned. There was no explanation given in the public announcement. In response to this news, the price of the Company’s shares fell over 8% to close at $15.34 on September 20, 2016.
“We’re looking into when the Company and management knew they would reduce revenue guidance and circumstances surrounding its CFO’s resignation,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Inteliquent should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email. IQNT@hbsslaw.com.
About Hagens Berman
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