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Inteliquent is Down 22 Percent- Ongoing Internal Audit Spooks Investors (IQNT)

Shares of Inteliquent (NASDAQ: IQNT) are getting crushed Thursday morning. The stock is down more than 22 percent after it disclosed in its second quarter preliminary earnings release that its Board of Directors was conducting an investigation with the help of outside professionals into the company’s financial forecasting practices during 2012 Q4 and 2013 Q3.

Depending on the results of the investigation, the company may have to restate some of these financial statements. Additionally, it was investigating whether an impairment charge taken in 2012 was overstated. The company postponed its Q2 earnings call pending the results of the investigation.

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Inteliquent reported revenue of $53.45 million versus analyst consensus of $54.27 million. It also reported Q2 EPS of $1.06 but it’s likely not comparable to consensus of $0.07 cents. Guidance for the year was stated as $215 million to $225 million versus consensus of $214.11 million.

The company cautioned in the release:

“The information contained in this press release is preliminary and may be subject to significant changes and adjustments as a result of the Audit Committee’s ongoing internal investigation.”

[stock-tools exchange="NASDAQ" symbol="IQNT" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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