Law Offices of Howard G. Smith Announces Class Action Lawsuit Against NQ Mobile Inc.
23 11월 2013 - 5:32AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
Southern District of New York on behalf of a class (the “Class”)
comprising all purchasers of the securities of NQ Mobile Inc. (“NQ
Mobile” or the “Company”) (NYSE:NQ) between May 5, 2011 and October
24, 2013, inclusive (the “Class Period”).
NQ Mobile is a Beijing, China-based provider of mobile Internet
services, including mobile security, privacy, productivity,
personalized cloud and family protection. The Complaint alleges
that the defendants issued false and/or misleading statements and
failed to disclose material facts concerning NQ Mobile’s business,
operations and financial performance. On October 24, 2013, Muddy
Waters Research Group issued a report alleging that, among other
things:
- At least 72% of NQ’s purported China
security revenue is fictitious and the Company’s largest customer
is actually NQ Mobile.
- NQ Mobile’s actual market share in
China is about 1.5%, rather than the approximately 55% it purports,
and its paying China user base is less than 250,000, rather than
the approximately six million it purports.
- NQ Mobile’s Antivirus 7.0 is unsafe for
sale to consumers, and creates serious vulnerabilities, making
users’ phones prone to data compromise and cyber attack.
If you are a member of the Class described above you may move
the Court no later than December 27, 2013 to serve as lead
plaintiff; however, you must meet certain legal requirements. To be
a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If have any questions concerning
this Notice or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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