SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against NQ Mobile, Inc. and Certain Officers - NQ
2013年12月14日 - 10:22AM
Marketwired
SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a
Class Action Against NQ Mobile, Inc. and Certain Officers - NQ
NEW YORK, NY--(Marketwired - Dec 13, 2013) - Pomerantz Grossman
Hufford Dahlstrom & Gross LLP announces the filing of a class
action lawsuit against NQ Mobile, Inc. ("NQ Mobile" or the
"Company") (NYSE: NQ) and certain of its officers. The class
action, filed in United States District Court, Southern District of
New York, and docketed under 13 CV 7713, is on behalf of a class
consisting of all persons or entities who purchased or otherwise
acquired securities of NQ Mobile between May 5, 2011 and October
24, 2013 both dates inclusive (the "Class Period"). This class
action seeks to recover damages against the Company and certain of
its officers and directors as a result of alleged violations of the
federal securities laws pursuant to Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder.
If you are a shareholder who purchased NQ Mobile securities
during the Class Period, you have until December 24, 2013 to ask
the Court to appoint you as Lead Plaintiff for the class. A
copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert
S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free, x237. Those who inquire by e-mail are
encouraged to include their mailing address, telephone number, and
number of shares purchased.
NQ Mobile is a company incorporated in the Cayman Islands, with
headquarters in Beijing, China. The Company was founded in 2005,
and purports to provide mobile internet services in the areas of
privacy, mobile security, personalized cloud, productivity, and
family protection. The Company offers a variety of products such as
NQ Mobile Vault, NQ Mobile Call Blocker, and NQ Space.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, Defendants
failed to disclose and/or misrepresented adverse facts, including
that: (1) errors existed in NQ Mobile's revenue recognition
practices; (2) NQ Mobile lacked adequate internal and financial
controls; and (3) as a result of the foregoing, the NQ Mobile's
statements were materially false and misleading at all relevant
times.
On October 24, 2013, Muddy Waters Research issued a report (the
"Report") that asserted that NQ Mobile has greatly overstated its
true financial performance. The report alleges, among other
matters, that at least 72% of NQ Mobile's purported China security
revenue is fictitious. The Report continues to allege that NQ
Mobile is its own largest customer and its actual market share in
China is approximately 1.5%, rather than the 55% claimed by the
Company. The Report questions the accuracy and veracity of NQ
Mobile's cash balances, its reported international revenue and its
financial statements filed with the State Administration for
Industry & Commerce of the People's Republic of China and the
U.S. Securities and Exchange Commission (the "SEC").
On this news, shares of NQ Mobile fell $10.79 per share, more
than 47.16% on intraday trading on October 24, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford
Dahlstrom & Gross LLP Email Contact
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