- In its Q1 10-Q (filed this afternoon), InterCloud (NASDAQ:ICLD) states it was informed in May the SEC is "continuing an investigation of the Company and certain of its current and former officers, consultants of the Company and others, of 'possible violation[s]' of Section 17a of the Securities Act and Sections 9a and 10b of the Exchange Act and the rules of the SEC thereunder in the offer or sale of securities and certain other matters with respect to which the SEC claims it has information, including the possible market manipulation of the Company’s securities dating back to January 2013."
- InterCloud insists it doesn't believe the company or any of its officers violated SEC rules, and plans to "work with the staff of the SEC towards a resolution and to supplement its disclosure regarding the SEC’s investigation accordingly." It's unaware of "the scope or timing of the SEC’s investigation."
- Shares fell 5.6% today. They're down 15% since InterCloud posted Q1 results on Wednesday morning, after having soared in the weeks leading into earnings.