| Company: | Internap Network Services Corp |
| Ticker Symbol: | INAP |
| Class Period: | Mar-28-07 to Mar-18-08 |
| Date Filed: | Nov-14-08 |
| Lead Plaintiff Deadline: | Jan-13-09 |
| Court: | Northern District of Georgia |
| Allegations: | |
The complaint charges Internap and its Chief Executive Officer with violations of the Exchange Act. Internap provides Internet connectivity solutions to business customers who require business applications such as e-commerce, video and audio streaming, customer relationship management, voice over Internet protocol, virtual private networks, and supply chain management.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's alleged successful integration of acquired businesses into its network and that such integration purportedly improved performance for customers, helped increase Internap's customer base and resulted in record revenues. According to the complaint, however, Internap allegedly hid 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's stock traded at artificially inflated prices during the Class Period. On March 18, 2008, the Company announced, inter alia, 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. On the following day, March 19, 2008, Internap's stock price plummeted from $6.12 per share to a closing price of $4.09 per share, a decline of approximately 33%.
Plaintiffs seek to recover damages on behalf of all purchasers of Internap securities during the Class Period.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
