SOURCE: Izard Nobel LLP

December 08, 2011 17:11 ET

Izard Nobel LLP Announces Class Action Lawsuit Against IntraLinks Holdings, Inc.

WEST HARTFORD, CT--(Marketwire - Dec 8, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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) between February 17, 2011 and November 10, 2011, inclusive (the "Class Period").

The Complaint charges that IntraLinks and certain of its officers and directors violated federal securities laws. The Complaint alleges that defendants issued materially false statements regarding the Company's business and prospects. Specifically, defendants failed to disclose that IntraLinks was experiencing a slowdown in its Enterprise business segment.

On May 11, 2011, IntraLinks announced financial results for the first quarter of 2011, and reduced full year 2011 income projections from $21-$23 million to $17-$19 million. IntraLinks also revealed that a large Enterprise segment customer was dramatically reducing its use of IntraLinks' products going forward. In response to these announcements, IntraLinks stock declined from $29.99 to $20.22. On August 10, 2011, IntraLinks reported revenues and earnings in line with its guidance for the second quarter, but reduced its outlook for the third quarter of 2011. IntraLinks also announced that it had received a subpoena from the SEC. Then, on November 8, 2011, IntraLinks reported continuing problems in its Enterprise segment. On this news, IntraLinks stock fell to $4.80 on November 10, 2011.

If you are a member of the class, you may, no later than February 4, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/intralinks/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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