InterCloud Systems, Inc. (OTCQB: ICLD) is engaged as a cloud computing and automation company. Shares of the cloud networking company are rallying 13%, through early trading on Friday, May 12, 2017. Over the past month, InterCloud Systems, Inc. has seen average daily volume of 8.23 million shares. However, volume of 8.75 million shares or dollar volume of $262,500, has already exchanged hands on Friday.
Shares of InterCloud Systems, Inc. are gaining today, after the company announced it has filed a lawsuit against former auditor, Grant Thornton, in New York Supreme Court. According to the lawsuit by the company, Thornton allegedly was in breach of contract and “fraudulent inducement,” while auditor back in 2015. InterCloud Systems, Inc.’s Nasdaq delisting, among other unfavorable events, are being blamed as a result of Mr. Thornton’s alleged activities. Here is the full press release detailing of the filed lawsuit:
InterCloud Systems, Inc. Press Release:
NEW YORK, May 08, 2017 (GLOBE NEWSWIRE) — InterCloud Systems, Inc. (the “Company” or “InterCloud”) (NASDAQ:ICLD), today announced the filing of a lawsuit against Grant Thornton in New York Supreme Court for breach of contract as well as fraudulent inducement in connection with their engagement as the auditors of the Company in 2015.
Mark Munro, CEO of InterCloud stated, “It is the Company’s position that Grant Thornton breached its obligations to the Company and the result thereof was a domino effect which included the delisting of InterCloud from the NASDAQ. The Company and its shareholders have been damaged by Grant Thornton’s conduct and redress is being sought accordingly.”
About InterCloud Systems, Inc.
InterCloud Systems, Inc. is a leading provider of cloud networking orchestration and automation, to the telecommunications service provider (carrier) and corporate enterprise markets through cloud solutions and professional services. Additional information regarding InterCloud may be found on InterCloud’s website at www.intercloudsys.com.
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.