Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in NQ Mobile, Inc. to Contact t...
October 29 2013 - 3:05PM
Marketwired
Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses
in Excess of $100,000 Investing in NQ Mobile, Inc. to Contact the
Firm
NEW YORK, NY--(Marketwired - Oct 29, 2013) - Faruqi &
Faruqi, LLP, a leading national securities law firm, reminds
investors in NQ Mobile, Inc. ("NQ Mobile" or the "Company") (NYSE:
NQ) of the December 27, 2013 deadline to seek the role of lead
plaintiff in a federal securities class action lawsuit filed
against NQ Mobile and certain executives.
A complaint has been filed on behalf of all persons who
purchased NQ Mobile common stock, call options or sold put options
between May 5, 2011 and October 24, 2013 (the "Class Period") in
the Southern District of New York.
The complaint alleges that the Company and its executives
violated federal securities laws with respect to its disclosures
concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class
Period NQ Mobile issued false and/or misleading statements
regarding the Company's: (i) China security revenue; (ii) market
share in China; (iii) cash balances; (iv) international revenue;
and (v) 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.
On October 24, 2013, Muddy Waters Research issued a report
questioning NQ Mobile's financial statements, alleging that 72% of
the Company's China security revenue is fictitious, and speculating
that its market share in China is only 1.5% in contrast to the 55%
touted by NQ Mobile.
Following this news, the Company's stock declined $10.79 per
share, or over 47%, to close at $12.09 per share on October 24,
2013.
Request more information now by clicking here:
www.faruqilaw.com/NQ. There is no cost or obligation to
you.
Take Action
If you invested in NQ Mobile stock, bonds or options between May
5, 2011 and October 24, 2013 and would like to discuss your legal
rights, visit www.faruqilaw.com/NQ. You can also contact us by
calling Richard Gonnello or Francis McConville toll free at
877-247-4292 or at 212-983-9330 or by sending an e-mail to
rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi &
Faruqi, LLP also encourages anyone with information regarding NQ
Mobile's conduct to contact the firm, including whistleblowers,
former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The firm
is focused on providing exemplary legal services in complex
litigation in the areas of securities, shareholder, antitrust and
consumer litigation, throughout all phases of litigation. The
firm has an experienced trial team which has achieved significant
victories on behalf of the firm's clients. To keep track of the
latest securities litigation news, follow us on Twitter at
www.twitter.com/MergerActivity or on Facebook at
www.facebook.com/FaruqiLaw.
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 369 Lexington Avenue, 10th Floor New
York, NY 10017 Attn: Richard Gonnello, Esq. Email Contact Francis
McConville, Esq. Email Contact Telephone: (877) 247-4292 or (212)
983-9330
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