Robbins Geller Rudman & Dowd LLP Files Class Action Suit against NQ Mobile, Inc.
31 10월 2013 - 4:05AM
Business Wire
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/nqmobile/) today announced that a
class action has been commenced in the United States District Court
for the Southern District of New York on behalf of purchasers of NQ
Mobile, Inc. (“NQ Mobile”) (NYSE:NQ) securities during the period
between May 5, 2011 and October 24, 2013 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from October 28, 2013. If you wish to discuss
this action or have any questions concerning this notice or your
rights or interests, please contact plaintiff’s counsel, Samuel H.
Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or
619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member
of this class, you can view a copy of the complaint as filed or
join this class action online at
http://www.rgrdlaw.com/cases/nqmobile/. Any member of the putative
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.
The complaint charges NQ Mobile and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
NQ Mobile, a firm based in both Dallas, Texas and Beijing, China,
holds itself out as a global provider of mobile Internet services.
The Company focuses on serving clients in three sectors: mobile
security, mobile productivity and personalized intelligent cloud
services.
The complaint alleges that during the Class Period, defendants
issued materially false and misleading statements concerning the
Company’s financial condition, business relationships, operations,
and prospects. Specifically, the complaint alleges that defendants
failed to disclose, among other things, that NQ Mobile far
overstated its presence and market share in China and further
misrepresented the size of its paying user base, that the Company’s
antivirus program, Antivirus 7.0, was actually a spyware program
that left users’ devices subject to attack, and 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 and omissions, NQ Mobile’s shares traded at artificially
inflated prices throughout the Class Period.
Then, on October 24, 2013, Muddy Waters Research released an
81-page report on the Company concluding, among many other things,
that NQ Mobile is “a massive fraud.” The report, accompanied by a
“strong sell” rating, stated that NQ Mobile’s rightful stock price
is “zero.” The report also stated that NQ Mobile had far overstated
its presence in China, with an actual paying user base estimated at
less than 250,000 – compared to the 6 million the Company claimed
to have – and that NQ Mobile’s real market share in China was only
about 1.5% versus the approximately 55% defendants had reported to
investors. The report also asserted that at least 72% of NQ
Mobile’s Chinese security software revenue was “fraudulent.” The
report further described how NQ Mobile’s third-party payments
channel was “non-existent,” and that its Chinese payments portal
was “purely cosmetic.” The report labeled NQ Mobile’s antivirus
program, Antivirus 7.0, as “unsafe for sale to consumers,” because
it was, in reality, “spyware” that makes users’ phones vulnerable
to cyber-attack. On this news, NQ Mobile shares began to fall,
dropping as much as 63% to a low of $8.46 per share, and trading
was halted several times after hitting single-stock circuit
breakers. Ultimately, the shares declined 47%, or $10.79 per share,
to close at $12.09 on October 24, 2013, on abnormally large trading
volume of more than 29 million shares traded.
Plaintiff seeks to recover damages on behalf of all purchasers
of NQ Mobile securities during the Class Period (the “Class”). The
plaintiff is represented by Robbins Geller, which has expertise in
prosecuting investor class actions and extensive experience in
actions involving financial fraud.
Robbins Geller represents U.S. and international institutional
investors in contingency-based securities and corporate litigation.
With nearly 200 lawyers in nine offices, the firm represents
hundreds of public and multi-employer pension funds with combined
assets under management in excess of $2 trillion. The firm has
obtained many of the largest recoveries and has been ranked number
one in the number of shareholder class action recoveries in MSCI’s
Top SCAS 50 every year since 2003. Please visit
http://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLPSamuel H. Rudman,
800-449-4900David A. Rosenfelddjr@rgrdlaw.com
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