IntraLinks Holdings Shareholder Lawsuit
Intralinks Holdings Inc (NYSE: IL) a provider of secure document services is being investiagted by the SEC. On August 10, 2011 the company disclosed that it had received a subpoena from the SEC requiring it turn over internal corporate documents created during 2011.
Intralinks raised about $191 million in a follow-on equity offering, issuing 7.5 million shares at $25.50 per share. Did you buy? Since then bad news.
The stock price of IntraLinks Holdings has been impacted by what shareholders perceive as mismanagement and possible SEC action. Indeed IntraLinks shares have been battered — down 75% — since it announced its first quarter financial results in May 2011. Just after this earnings release, IntraLinks told its investors that its earnings for the year will be lowered after a major customer largely stopped using IntraLinks software.
IL was originally priced at its IPO in August 2010 at $13 per share. What is Going on? Call us to find out.
Additionally Management has been Selling Out.
Since December 2010, Intralinks executives and board members have sold nearly 5 million of their personal shares for a tidy profit of about $23 million. Management sold out at an average at $24 per share — more than three times the current stock value!
Kyros Law is interested in speaking to shareholders who are unhappy. Our law firm can help shareholders get full disclosures from Intralinks and help bring legal claims against those responsible for Intralinks investor losses.
If you are a shareholder of any amount of Intralinks (IL) please call Attorney Bill Kyros at 1-800-934-2921 to discuss your rights.
Kyros Law is a Boston-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For info about our law firm please our Kyros Law web site.
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