Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against NQ Mobile Inc.
2013年11月1日 - 4:06AM
ビジネスワイヤ(英語)
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of NQ
Mobile Inc. (NYSE: NQ)?
- Did you purchase your shares between
May 5, 2011 and October 24, 2013, inclusive?
- Did you lose money in your
investment in NQ Mobile Inc.?
- Do you want to discuss your
rights?
Rigrodsky & Long, P.A., including former Special Assistant
United States Attorney, Timothy J. MacFall, announces that a
complaint has been filed in the United States District Court for
the Southern District of New York on behalf of all persons or
entities that purchased the common stock of NQ Mobile Inc. (“NQ” or
the “Company”) (NYSE: NQ) between May 5, 2011 and October 24, 2013,
inclusive, including those investors who purchased NQ American
Depository Receipts (“ADRs”) in its initial public offering (“IPO”)
commencing on May 5, 2011 (collectively, the “Class Period”),
alleging violations of the Securities Act of 1933 and the
Securities Exchange Act of 1934 against the Company and certain of
its officers (the “Complaint”).
If you purchased shares of NQ during the Class Period and wish
to discuss this action or have any questions concerning this notice
or your rights or interests, please contact Timothy J. MacFall,
Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East
Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by
e-mail to info@rl-legal.com, or at:
http://www.rigrodskylong.com/investigations/nq-mobile-inc-nq.
NQ is a leading global provider of mobile Internet services. The
Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements, and omitted materially
adverse facts, about the Company’s business, operations and
prospects. Specifically, the Complaint alleges that the defendants
concealed from the investing public that: (1) NQ far overstated its
presence and market share in China and further misrepresented the
size of its paying user base; (2) that the Company’s antivirus
program, Antivirus 7.0, was actually a spyware program that left
users’ devices subject to attack; and (3) that the Company’s
revenue and reported cash balances were materially overstated at
all relevant times. As a result of defendants’ false and misleading
statements, the Company’s stock traded at artificially inflated
prices during the Class Period.
According to the Complaint, on October 24, 2013, the
short-selling investment firm, Muddy Waters LLC (“Muddy Waters”)
issued a detailed 81-page report entitled “NQ Mobile: China Fraud
2.0” regarding NQ’s accounting practices, customer base and
policies (the “Muddy Waters Report”). Among the allegations raised
in the Muddy Waters Report, were that the Company had a Chinese
market share of 1.5%, rather than the 55% share the Company
publicly claimed, and that NQ had minimal, if any, cash
reserves.
On this news, shares in NQ plummeted more than 47%, closing at
$12.09 per share on October 24, 2013, on heavy trading volume of
over 29 million shares.
If you wish to serve as lead plaintiff, you must move the Court
no later than December 27, 2013. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. In order to be appointed lead plaintiff,
the Court must determine that the class member’s claim is typical
of the claims of other class members, and that the class member
will adequately represent the class. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the proposed class may
move the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and
Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco888-969-4242516-683-3516Fax:
302-654-7530info@rl-legal.comhttp://www.rigrodskylong.com
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