SOURCE: Brower Piven, A Professional Corporation

December 10, 2011 12:07 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in IntraLinks Holdings, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the February 3, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Dec 10, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of IntraLinks Holdings, Inc. ("IntraLinks" or the "Company") (NYSE: IL) during the period between February 17, 2011 and November 10, 2011, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in IntraLinks Holdings, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 3, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was experiencing a slowdown in its Enterprise business segment. According to the complaint, after, on May 11, 2011, the Company disclosed the reduction of its full year 2011 income projections from $21-$23 million to $17-$19 million due to a large Enterprise segment customer dramatically reducing its use of IntraLinks' products going forward. After, on August 10, 2011, the Company reduced its outlook for the third quarter of 2011 and revealed that it received a subpoena from the SEC requiring the production of certain business documents, and after, on November 8, 2011, the Company reported continuing problems in its Enterprise business segment, the value of IntraLinks shares declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact