Link Motion Inc. Ordered into Receivership by U.S. Federal Judge, announces The Seiden Group
Feb 04, 2019, 17:58 ET
NEW YORK, Feb. 4, 2019 /PRNewswire/ -- On February 1, 2019, Robert W. Seiden, Esq. was appointed by the Honorable Victor Marrero of the U.S. District Court Southern District of New York as the temporary Receiver over Link Motion Inc. (NYSE: LKM) during the pendency of the case entitled Wayne Baliga v. Link Motion Inc. et al., case number 1:18-cv-11642. In addition to appointing Mr. Seiden as the Receiver over Link Motion Inc. ("LKM"), Judge Marrero also granted a preliminary injunction restraining Link Motion from transferring any assets out of the Company without the Receiver's approval.
The lawsuit underlying the Receivership stems from a series of alleged misconduct by Link Motion's Chairman, Dr. Vincent Shi. The lawsuit was brought by holders of ADR's in LKM, including in the U.S. and China, after information of the alleged wrongdoing was brought to light by former U.S. employee Matt Mathison. LKMForward, a significant group of shareholders, hired The Seiden Group as its counsel to represent its case and to assist all shareholders in the ultimate recovery of Company assets.
Seiden has vast experience in international asset recovery, particularly in China, and has been appointed Receiver over 20 China-based U.S.-listed companies. If you should have information that may be helpful to the Receivership, please contact the Seiden Group directly at: 646-766-1703 or via email to [email protected].
About The Seiden Group
The Seiden Group is a global law firm based on New York City focused on helping shareholders, creditors, businesses and individuals to resolve disputes, recover assets, enforce judgments, and solve problems with foreign governments, the U.S. government and companies around the world and in the U.S.
About Link Motion Inc.
Link Motion Inc. is a leading smart car and smart ride company. Link Motion's portfolio of offerings includes enabling technology solutions and secure connected carputers for the ecosystem of car businesses, consumer ride sharing services, as well as legacy mobile security, productivity and other related applications. For more information on Link Motion, please visit www.lkmotion.com or the company's U.S. investor relations site at ir.lkmotion.com.
SOURCE The Seiden Group