Contact Information: Jeffrey S. Abraham, Esq. Lawrence D. Levit, Esq. Abraham, Fruchter & Twersky, LLP One Penn Plaza, Suite 2805 New York, New York 10119 Telephone (212) 279-5050 Facsimile (212) 279-3655
Corrected Notice of Filing Securities Class Action Against Internap Network Services Corp.
| Source: Abraham, Fruchter & Twersky, LLP
NEW YORK, NY--(Marketwire - November 14, 2008) - Abraham, Fruchter & Twersky, LLP has filed a
class action lawsuit in the United States District Court for the Northern
District of Georgia on behalf of investors of Internap Network Services
Corp. ("Internap" or the "Company") (NASDAQ : INAP ) who purchased the
publicly traded securities of Internap between March 28, 2007 and March 18,
2008, inclusive (the "Class Period"), seeking to pursue remedies under the
Securities Exchange Act of 1934 (the "Exchange Act").
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. Plaintiffs are represented by Abraham,
Fruchter & Twersky, LLP. Not later than sixty (60) days after the date on
which the first notice of this lawsuit is published, any member of the
purported class may move the court to serve as lead plaintiff of the
purported class. If you wish to serve as lead plaintiff, you must meet
certain legal requirements set forth in the applicable law and file
appropriate papers with the Court. You do not need to seek appointment as
a lead plaintiff in order to share in any recovery. Under certain
circumstances, one or more Class members may together serve as lead
plaintiff. You may retain Abraham, Fruchter & Twersky, LLP, or other
counsel of your choice, to serve as your counsel in this action or you may
choose to do nothing and remain an absent class member.
If you have any questions concerning this case or your rights or interests
with respect to this matter, please contact plaintiffs' counsel: