SAN DIEGO, Nov. 13, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of investors who purchased or otherwise acquired securities of NQ Mobile Inc (ADR) (NQ) over alleged Federal Securities Laws Violations by NQ Mobile Inc in connection with certain allegedly false and misleading statements made between May 5, 2011 and October 24, 2013.
If you purchased a significant amount of NQ Mobile Inc (ADR) (NQ) securities between May 5, 2011 and October 24, 2013, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of NQ Mobile Inc (ADR) (NQ) between May 5, 2011 and October 24, 2013, that the defendants failed to disclose and/or misrepresented adverse facts, including that errors existed in NQ Mobile Inc's revenue recognition practices, that NQ Mobile Inc lacked adequate internal and financial controls, and that as a result of the foregoing, the NQ Mobile Inc's statements were materially false and misleading at all relevant times.
Shares of NQ Mobile Inc (ADR) grew from $6.10 per share in early 2013 to as high as $25.41 per share on October 21, 2013.
Then on October 24, 2013, a report was published alleging that NQ Mobile Inc has greatly exaggerated its true financial performance. Among others things, the report claimed that at least 72% of NQ Mobile Inc's purported China security revenue is fictitious and that NQ Mobile Inc's actual market share in China is about 1.5%, rather than the approximately 55% it claims.
Shares of NQ Mobile Inc declined from $25.41 per share on October 21, 2013 to $8.53 per share on October 28, 2013.
The plaintiff seeks to recover damages on behalf of all purchasers of NQ Mobile Inc (ADR) (NQ) securities between May 5, 2011 and October 24, 2013.
Those who purchased shares of NQ Mobile Inc (ADR) (NQ) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
