mail@shareholdersfoundation.com
Internap Network Services Corp. (INAP) has been accused of securities fraud by a lawsuit filed on behalf investors, who purchased INAP shares between March 28, 2007 and March 18, 2008, but InterNAP Network Services faces also an investigation on behalf current long term INAP investors concerning possible shareholder claims.
If you are a current long-term investor in InterNAP Network Services (Public, NASDAQ:INAP)
Email: mail@shareholdersfoundation.com
or at: +1 (858) 779 - 1554
An investor in Internap Network Services Corp has filed a proposed securities class action lawsuit in the United States District Court for the Northern District of Georgia on behalf of investors of Internap Network Services Corp. (NASDAQ: INAP) who purchased the publicly traded securities of Internap between March 28, 2007 and March 18, 2008. According to the complaint the plaintiff alleges that Internap Network Services Corp. (NASDAQ: INAP) and its Chief Executive Officer violated the Securities Exchange Act by issuing materially false and misleading statements regarding the Internap Network Services Corp.’s alleged successful integration of acquired businesses into its network and that such integration purportedly improved performance for customers, helped increase its customer base and resulted in record revenues. The stockholder alleges that contrary to these statements Internap Network Services Corp. allegedly concealed from the public that its customers were experiencing sever network outages and that several hundred customers had requested account credits. The complaint alleges that because of defendants’ false and misleading statements, Internap Network Services Corp.’s stock traded at artificially inflated prices between March 28, 2007 and March 18, 2008. But on March 18, 2008, Internap Network Services Corp. announced that it would delay filing its Form 10-K Annual Report, that it would send refunds to several hundred customers and that service outages caused a reduction of revenue and caused customers to request credits, and as a result of the news on the following day, March 19, 2008, Internap Network Services Corp.s stock price declined from $6.12 per share to a closing price of $4.09 per share, a decline of approximately 33%, so the lawsuit.
Internap Network Services Corporation markets products and services that optimize the performance and reliability of business Internet applications for e-commerce, customer relationship management, multimedia streaming, voice-over Internet protocol, virtual private networks and supply chain management.
Atlanta-based Internap reported in 2007 Total Revenue of $234.09million and in 2008 Total Revenue of $253.99million. INAP shares traded recently at $3.23 per share, down from $8.85 per share in 2008 and over $20 per share in 2007.
Those who are current long-term investors in Internap Network Services Corpo (NasdaqGS: INAP), have certain options and should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
or at: +1 (858) 779 - 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
Fax:+1-(858)-
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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