Legal News - Rigrodsky & Long, P.A. Files Securities Fraud Class Action
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Rigrodsky & Long, P.A. announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the common stock of IntraLinks Holdings, Inc. between February 17, 2011 and November 10, 2011, inclusive, alleging violations of the Securities Exchange Act of 1934. The case is entitled Thaler v. IntraLinks Holdings, Inc., C.A. No. 11-CV-9528 (S.D.N.Y.). The Complaint names IntraLinks and certain of its officers and directors as defendants.

If you wish to view a copy of the Complaint, discuss this action, or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/news/intralinks-il.

IntraLinks, together with its subsidiaries, provides software-as-a-service (SaaS) solutions for securely managing content, exchanging critical business information, and collaborating within and among organizations worldwide.

The Complaint asserts that during the Class Period, defendants knew, or recklessly disregarded, that the positive statements concerning the Company’s business prospects, as well as the full year guidance provided by Defendants on February 17, 2011, were materially false and misleading because by end of the first quarter of 2011 a large Enterprise customer informed the Company that it was dramatically reducing its use of IntraLinks’ products going forward and that the Company would have to reducing its earnings expectations as a result. Despite their knowledge of the foregoing, however, defendants failed to disclose that their positive statements about the Company’s business prospects, or the financial guidance issued in February 2011, were no longer accurate in light of the reduced use of the Company’s products by the large Enterprise customer.

If you wish to serve as lead plaintiff, you must move the Court no later than February 4, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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