IntraLinks Can't Dodge Shareholder Suit Over FDIC Contract

Law360, New York (May 9, 2013, 5:54 PM EDT) -- A New York federal judge on Wednesday declined to dismiss a consolidated shareholder class action alleging top executives at cloud computing company IntraLinks Holdings Inc. misled investors about the probable loss of a contract with the Federal Deposit Insurance Corp.

U.S. District Judge Thomas P. Griesa said the complaint sufficiently alleged that statements from IntraLinks executives in 2011 misleadingly touted the company’s customer satisfaction and renewal rates, even as the FDIC, the company’s largest customer, was planning not to renew its contract for cloud-based computing services....
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