INVESTOR ALERT: Class Action Lawsuit Against China Mobile Games & Entertainment Group Limited Announced by Glancy Binkow & Go...
July 10 2014 - 8:32AM
Business Wire
Glancy Binkow & Goldberg LLP announces that a class action
lawsuit has been filed in the United States District Court for the
Southern District of New York on behalf of a class (the “Class”)
comprising all purchasers of the American Depositary Shares of
China Mobile Games and Entertainment Group Limited (“China Mobile
Games” or the “Company”) (NASDAQ:CMGE) between September 20, 2012
and June 19, 2014 (the “Class Period”).
Please contact us at (646) 539-8980, or at
shareholders@glancylaw.com to discuss this matter. If you inquire
by email please include your mailing address, telephone number and
number of shares purchased.
China Mobile Games, through its subsidiaries, develops and
publishes social games and single-player mobile games primarily in
the People’s Republic of China. The Complaint alleges that
defendants issued false and/or misleading statements and failed to
disclose material adverse facts about the Company's business,
operations and financial performance. Specifically, the defendants
misrepresented or failed to disclose a bribery scheme within the
Company’s game publishing business, undisclosed related party
transactions, and that the Company’s internal controls were
inadequate.
On June 19, 2014, China Mobile Games disclosed that it had
suspended nine senior executives, including the Company’s
president. According to a report published by Bloomberg, nine
senior managers were suspended, including President Shuling Ying,
in connection with alleged involvement in “bribery with game
developers.” Following this news, the Company’s share price dropped
approximately 22 percent on June 19, 2014, before being halted by
the NASDAQ.
If you are a member of the Class described above, you may move
the Court no later than August 19, 2014, to serve as lead
plaintiff, if you meet certain legal requirements. To be a member
of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn more about this
action, or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925
Century Park East, Suite 2100, Los Angeles, California 90067, at
(646) 539-8980, by e-mail to shareholders@glancylaw.com, or visit
our website at http://www.glancylaw.com. If you inquire by email,
please include your mailing address, telephone number and number of
shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CALesley Portnoy,
(646) 539-8980shareholders@glancylaw.comwww.glancylaw.com
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