NEW YORK, Oct. 28, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors of NQ Mobile, Inc. (NYSE: NQ ) who purchased NQ common stock, call options or sold put options, during the period between May 5, 2011 and October 24, 2013, seeking to recover damages for violations of the federal securities laws.
To join the NQ class action, visit the firm's website at http://rosenlegal.com , or call Phillip Kim, Esq. or Yu Shi, Esq. toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or yshi@rosenlegal.com for information on the class action. The lawsuit filed by the firm is pending in the U.S. District Court for the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The lawsuit asserts violations of the federal securities laws against NQ, its officers and directors, and certain underwriters for issuing false and misleading statements about the Company's financial condition. On October 24, 2013, Muddy Waters Research issued a report asserting that NQ has greatly exaggerated its true financial performance. The report states, among others things, that: at least 72% of NQ's purported China security revenue is fictitious; NQ's largest customer is actually itself; and NQ's actual market share in China is approximately 1.5% as opposed to 55% as the company claims. In addition, the report also questions the veracity of NQ's cash balance, its reported international revenue and its financial statements filed with the State Administration for Industry & Commerce of the People's Republic of China and the U.S. Securities and Exchange Commission.
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. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com . You may also visit the firm's website at http://rosenlegal.com . The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Laurence Rosen, Esq. Phillip Kim, Esq. Yu Shi, Esq. The Rosen Law Firm P.A. 275 Madison Avenue, 34th Floor New York, New York 10016 Tel: (212) 686-1060 Toll Free: 1-866--767-3653 Fax: (212) 202-3827 www.rosenlegal.com
