NQ MOBILE INC. SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against NQ Mobile Inc.
WILMINGTON, Del., Nov. 15, 2013 /PRNewswire/ -- 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 firstname.lastname@example.org, 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.
SOURCE Rigrodsky & Long, P.A.