|[March 25, 2014]
EQUITY ALERT: The Rosen Law Files Securities Fraud Class Action Against InterCloud Systems, Inc. - ICLD
NEW YORK --(Business Wire)--
The Rosen Law Firm announces that it has filed a class action against
InterCloud Systems, Inc. (NASDAQ:ICLD) and certain stock promoters on
behalf of purchasers of the Company's common stock during the period
between November 5, 2013 and March 17, 2014, both dates inclusive. The
lawsuit seeks to recover damages ICLD shareholders suffered from the
defendants' alleged violations of the federal securities laws.
To join the ICLD class action, go to the website at http://rosenlegal.com
or call Phillip Kim, Esq. or Jonathan Horne, Esq. toll-free at
866-767-3653 or email firstname.lastname@example.org
or email@example.com for
information on the class action. The lawsuit is pending in the U.S.
District Court for the District of New Jersey.
NO CLASS HAS YET BEEN CERTIFIED IN TE ABOVE ACTION. UNTIL A CLASS IS
CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU
MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU
MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, during the Class Period various articles were
published enthusiastically touting InterCloud's stock. The articles were
written by, among others, John Mylant and "Kingmaker," who purported to
run a volatility trading group. Mr. Mylant and Kingmaker's favorable
InterCloud articles stated that they had not been paid by InterCloud. As
a result of the promotional articles, InterCloud'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." On December 13,
2013, InterCloud sold debentures with a face value of $11,625,000.
The complaint further alleges that on March 13, 2014, an article on Seeking
Alpha 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. And on March 17, after trading hours, journalist Roddy Boyd
asserted that notorious 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's stock price.
The suit claims that as a result of this adverse information, on March
13 and 18, InterCloud's stock price fell, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as
lead plaintiff, you must move the Court no later than May 26, 2014. If
you wish to join the litigation or to discuss your rights or interests
regarding this class action, please contact, Phillip Kim, Esq. or
Jonathan Horne, Esq. of The Rosen Law Firm toll free at 866-767-3653 or
via e-mail at firstname.lastname@example.org
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and shareholder
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