Robbins Umeda LLP Announces an Investigation of IntraLinks Holdings, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at IntraLinks Holdings, Inc. (NYSE: IL). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP’s investigation focuses on whether officials at IntraLinks breached their fiduciary duties to shareholders, maintained woefully inadequate controls, and wasted corporate assets to the detriment of the company and investors. In particular, the firm is investigating allegations that certain officers and directors failed to disclose adverse facts to investors related to a significant slowdown in IntraLinks’ Enterprise business segment. Additionally, the firm is examining allegations that fiduciaries at the company: (1) deceived the investing public regarding the Company’s business, operations, management and intrinsic value of IntraLinks common stock; and (2) enabled officers and other IntraLinks insiders to sell $172 million of their personally-held IntraLinks common stock to the unsuspecting public at artificially inflated prices.
On May 11, 2011, the company issued a press release announcing that it was forced to reduce its full year 2011 income projections. On August 10, 2011, IntraLinks issued another press release announcing its financial results for the second quarter of 2011, which contained another reduced outlook for the third quarter of 2011. Also, on August 10, 2011, IntraLinks disclosed that it had received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) requiring the production of certain business records. 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. After closing as high as $31.76 per share as recently as April 29, 2011, shares of IntraLinks closed on November 10, 2011 at just $4.80 per share, a staggering $1.4 billion, or 84.41 percent, decline in the company’s market capitalization in a matter of months.