IntraLinks Holdings, Inc.
ROBBINS GELLER RUDMAN & DOWD LLP FILES CLASS
ACTION SUIT AGAINST INTRALINKS HOLDINGS, INC.
New York – December 5, 2011 – Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/intralinks/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of IntraLinks Holdings, Inc. (“IntraLinks”) (NYSE:IL) common stock during the period between February 17, 2011 and November 10, 2011 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/intralinks/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges IntraLinks and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Company provides critical information exchange solutions for its customers. The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose that the Company was experiencing a slowdown in its Enterprise business segment.
On May 11, 2011, the Company announced its financial results for the first quarter of 2011, announcing the reduction of its full year 2011 income projections from $21-$23 million to $17-$19 million. Also on that same day, in a conference call with investors and analysts the Company revealed that a large Enterprise segment customer was dramatically reducing its use of IntraLinks’ products going forward, and, therefore, the Company was reducing its earnings expectations as a result. In response to these announcements, IntraLinks stock declined from $29.99 per share to $20.22 per share on extremely heavy trading volume. On August 10, 2011, IntraLinks issued a press release announcing its financial results for the second quarter of 2011. The Company reported revenues and earnings in line with its guidance, but reduced its outlook for the third quarter of 2011. Also on that same day, the Company 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 declined from $12.16 per share to $6.64 per share on extremely heavy trading volume. Then, on November 8, 2011, IntraLinks issued a press release announcing its financial results for the third quarter of 2011. The Company reported continuing problems in its Enterprise business segment. In response to this announcement, the price of IntraLinks common stock declined from $8.79 per share on November 8, 2011, to $4.80 on November 10, 2011.
Plaintiff seeks to recover damages on behalf of all purchasers of IntraLinks common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site (http://www.rgrdlaw.com) has more information about the firm.
Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld