NEW YORK, June 24, 2014 /PRNewswire/ -- Wolf Popper LLP is investigating potential claims on behalf of investors in China Mobile Games and Entertainment Group Limited (NASDAQ: CMGE) during the period from September 20, 2012 through June 18, 2014, concerning possible violations of federal securities laws.
Investors during the relevant period, including those investors who purchased in the March 21, 2014 Secondary Offering, are urged to contact Fei-Lu Qian at 877.370.7703 or firstname.lastname@example.org.
On June 19, 2014, the Company disclosed it had suspended nine senior executives, including the Company's president. According to a report published by Bloomberg, nine senior managers were suspended, including President Shuling Ying, in connection with alleged involvement in "bribery with game developers." Moreover, media reports in China indicate that the misconduct involved undisclosed related party transactions with China Mobile Games.
On this news, China Mobile Games ADS declined $4.27 per share or more than 22%, to close at $14.63 per share on June 19, 2014. As recently as March 21, 2014, China Mobile Games had sold 3.4 million ADS at $24.00 per share to unsuspecting shareholders.
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SOURCE Wolf Popper LLP