Faruqi & Faruqi, LLP Announces Investigation of IntraLinks Holdings, Inc. (IL)
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at IntraLinks Holdings, Inc. (“IntraLinks” or the “Company”) (NYSE: IL).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company was experiencing a slowdown in its critical Enterprise business segment.
On May 11, 2011, IntraLinks announced the reduction of its full year 2011 income projections from $21-$23 million to $17-$19 million because a large Enterprise segment customer was dramatically reducing its use of Company products going forward. In response to this news, IntraLinks stock declined from $29.99 per share to $20.22 per share on extremely heavy trading volume.
Then, on August 10, 2011, IntraLinks reduced its financial outlook for 3Q2011. The Company also announced that it had received a subpoena from the SEC requiring the production of certain business documents. In response to these announcements, the price of IntraLinks stock was almost halved, from $12.16 per share to $6.64 per share.
On November 8, 2011, IntraLinks issued a press release announcing its financial results for 3Q2011. The Company reported continuing problems in its Enterprise business segment. In response to this announcement, the price of IntraLinks shares plummeted again from $8.79 on November 8, 2011, to $4.80 on November 10, 2011.
If you purchased IntraLinks securities between February 17, 2011 and November 10, 2011 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding IntraLinks conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.