InterCloud Systems Inc (NASDAQ: ICLD) Investor Securities Class Action Lawsuit 03/25/2014

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Company Name(s): 
InterCloud Systems
Case Name: 
InterCloud Systems Shareholder Class Action Lawsuit 03/25/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: ICLD
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/25/2014
Class Period Begin: 
12/03/2013
Class Period End: 
03/27/2014
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
05/24/2014
Date Settled: 
08/25/2017
Settlement Amount: 
$2,700,000
Deadline to Participate in Settlement: 
01/12/2018
Summary: 

August 25, 2017 - The court preliminarily approved the settlement.

July 27, 2017 - Parties filed a stipulation of settlement.

October 29, 2015 - The court denied defendants' motion to dismiss.

May 7, 2015 - The court granted the notice of voluntary dismissal of certain defendants without prejudice.

May 5, 2015 - The lead plaintiffs filed a notice of voluntary dismissal of certain defendants without prejudice.

March 13, 2015 - The defendants filed a motion to dismiss.

February 20, 2015 - The lead plaintiff filed a second amended complaint.

January 30, 2015 - The defendants filed a motion to dismiss.

January 9, 2015 - The lead plaintiff filed an amended consolidated complaint.

November 5, 2014 - The lead plaintiff and lead counsel were appointed.

June 11, 2014 - All cases were consolidated.

May 27, 2014 - Lead plaintiff motions were filed.

March 28, 2014 - Another investor filed a complaint.

March 25, 2014 - An investor in shares of InterCloud Systems Inc (NASDAQ: ICLD) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by InterCloud Systems Inc in connection with certain allegedly false and misleading statements made between November 5, 2013 and March 17, 2014.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of InterCloud Systems Inc (NASDAQ: ICLD) between November 5, 2013 and March 17, 2014, that InterCloud Systems Inc and certain of its officers and directors violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that between November 5, 2013 and March 17, 2014 various articles were published enthusiastically touting InterCloud Systems Inc’s stock and that those articles were written by, among others, John Mylant and “Kingmaker,” who stated that they had not been paid by InterCloud Systems Inc and purported to run a volatility trading group. The plaintiff says that as a result of the articles, InterCloud Systems Inc’s stock price rose from $2.55 on November 14, 2013 to a peak of $18.13 on January 15, 2014, two days after a glowing article written by “Kingmaker.”

Then on March 13, 2014, an article disclosed that John Mylant was a paid promoter who worked closely with the companies that employed him to publish favorable articles while falsely stating that he was independent of the companies he promoted.

The plaintiff alleges that on March 17,2014, after trading hours, a journalist asserted that stock promotion firm, the DreamTeam Group, works with authors like Mr. Mylant to create misleading press campaigns touting the companies that hire it, and had been employed to tout InterCloud Systems Inc’s stock price.

Shares of InterCloud Systems Inc (NASDAQ: ICLD) declined to $6.94 per share on March 21, 2014.

On March 25, 2014, InterCloud Systems Inc (NASDAQ: ICLD) shares closed at $7.98 per share.