Key Developments For InterNAP Network Services Corporation
InterNAP Network Services Corporation (INAP.O) (Nasdaq)
InterNAP Network Services Corporation Announces Cost Reduction Plan; Issues Q1 2009 Outlook; EBITDA Outlook Below Analysts' Estimates
InterNAP Network Services Corporation announced that it will implement a restructuring program designed to reduce operating costs. As part of this effort, Internap will reduce its workforce by approximately 10% (approximately 45 employees). These reductions are primarily in back-office staff functions and include the elimination of certain senior management positions. The Company also announced that, for the first quarter of 2009, it expects revenue to be in the range of $62-$65 million and adjusted EBITDA to be in the range of $4-$5 million. According to Reuters Estimates, analysts on average are expecting the Company to report EBITDA of $9 million and revenues of $65 million for the first quarter of 2009.
InterNAP Network Services Corporation Signs OEM Agreement With Internap Network Services
The FeedRoom announced that InterNAP Network Services Corporation has signed an OEM agreement to white-label the FeedRoom 4.0 Enterprise Video Platform (EVP). Under the terms of the agreement, Internap, a global Internet solutions company, will incorporate EVP into its comprehensive portfolio of services for managing, delivering and distributing applications and content.
InterNAP Network Services Corporation Names Eric Cooney As President, CEO and Director
InterNAP Network Services Corporation announced that its Board of Directors has appointed Eric Cooney as President and Chief Executive Officer(CEO), effective March 16, 2009. Mr. Cooney was also named to the Internap board, also effective March 16, 2009. Mr. Cooney succeeds James P. DeBlasio, who has resigned but will remain president and CEO until Mr. Cooney assumes his new responsibilities on March 16, 2009.
InterNAP Network Services Corporation Chosen By Sharedband
InterNAP Network Services Corporation announced that its IP network and data center colocation services are being used by UK based Sharedband to expand its operations and offer its network solution in the US, through its wholly owned subsidiary, Sharedband Technologies.
Law Office of Brodsky & Smith, LLC Announces Class Action Lawsuit Against Internap Network Services Corp.
Law office of Brodsky & Smith, LLC announces that a class action lawsuit has been filed on behalf of all persons who purchased the common stock of Internap Network Services Corp. between March 28, 2007 and March 18, 2008 (the Class Period). The class action lawsuit was filed in the United States District Court for the Northern District of Georgia. The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of Internap.
