Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $2.7 Million Settlement in the InterCloud Systems Inc (NASDAQ:ICLD) Investor Lawsuit

Via: ReleaseWire

Updated 11:45 AM CST, Mon, January 08,2018

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of InterCloud Systems Inc (NASDAQ:ICLD) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on January 12, 2018 and NASDAQ:ICLD investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 01/08/2018 -- A deadline is coming up on January 12, 2018 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of InterCloud Systems Inc (NASDAQ:ICLD) between December 3, 2013, and March 27, 2014.

Investors who purchased a significant amount of shares of InterCloud Systems Inc (NASDAQ:ICLD) between December 3, 2013, and March 27, 2014, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the InterCloud Systems Inc (NASDAQ:ICLD) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/intercloud-systems-inc-nasdaq-icld-investor-securities-class-action-lawsuit-03252014

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is January 12, 2018. The class action administrator for this case is Gilardi & Co LLC.

The lawsuit was originally filed 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.

Those who purchased shares of InterCloud Systems Inc (NASDAQ:ICLD) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/deadline-upcoming-in-27-million-settlement-in-the-intercloud-systems-inc-nasdaqicld-investor-lawsuit-912531.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com