NEW YORK, Dec. 16, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Monaker Group, Inc. (“Monaker” or the “Company”) (OTC:MKGI) of the February 10, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of all those who purchased Monaker stock or options between April 6, 2012 and June 23, 2016 (the “Class Period”). The case, McCleod v. Monaker Group, Inc. et al , No. 16-cv-62902 was filed on December 9, 2016, and has been assigned to Judge William J. Zloch.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that some Monaker executives were involved in secretly transferring funds to a separate company controlled by these executives.
Specifically, on June 23, 2016, Monaker filed a 10-K announcing that it would have to restate its financial statements released during the Class Period, claiming that Monaker had paid up to $11.1M of Monaker’s funds to support the operations of an entirely separate public company—RealBiz Media Group, Inc.—that had been, until recently, controlled by several Monaker executives. The 10-K states that the fund transfers were done without any consideration in return.
Request more information now by clicking here: www.faruqilaw.com/MKGI . There is no cost or obligation to you.
Take Action
If you invested in purchased Monaker stock or options between April 6, 2012 and June 23, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/MKGI . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Monaker’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
