NEW YORK, Sept. 21, 2016 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Inteliquent, Inc. (“Inteliquent” or the “Company”)
IQNT, +2.93%
(isin:US45825N1072). Investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Inteliquent and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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On August 2, 2016, pre-market, the Company filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission reporting its second quarter 2016 results. The Company missed its profit expectations and lowered revenue guidance to the range of $360 million to $370 million, down from previous guidance in the range of $370 million to $390 million, and lowered its EBITDA forecast to the range of $80 million to $85 million, down from a previous forecast of $82 million – $92 million. On this news, Inteliquent stock fell $4.29, or 20.54%, to close at $16.60 on August 2, 2016. On September 19, 2016, post-market, Inteliquent announced the resignation of the Company’s Chief Financial Officer, Kurt Abkemeier, effective September 23, 2016, citing Abkemeier’s pursuit of “another career opportunity at a software company.” On this news, Inteliquent stock fell $1.37, or 8.2%, to close at $15.34 on September 20, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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SOURCE Pomerantz LLP
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