Shareholder Rights Law Firm Johnson & Weaver, LLP Has Filed a Class Action Lawsuit Against Montage Technology Group & Certain...
April 04 2014 - 9:06PM
Business Wire
Shareholder rights law firm Johnson & Weaver, LLP filed a
class action lawsuit in the United States District Court for the
Northern District of California on behalf of purchasers of Montage
Technology Group Limited (Nasdaq: MONT) who purchased the Company’s
publicly traded securities between September 26, 2013 and February
6, 2014, inclusive (the “Class Period”).
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. Plaintiff seeks to
recover damages on behalf of all purchasers of Montage’s publicly
traded securities during the Class Period. If you wish to serve
as lead plaintiff, you must move the Court by April 8, 2014. If you
would like to discuss this action, have any questions concerning
this notice, or your rights or interests, please contact lead
analyst Jim Baker (jimb@johnsonandweaver.com) at
619-814-4471.
The complaint charges Montage and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
Montage is a global fabless provider of analog and mixed-signal
semiconductor solutions addressing the home entertainment and cloud
computing markets.
The complaint alleges that during the Class Period, defendants
issued materially false and misleading statements regarding the
Company’s operations, its business, and its financial results. As a
result of defendants’ alleged false statements, Montage’s
securities traded at artificially inflated prices during the Class
Period, with its stock price reaching a high of $25.63 per share on
January 17, 2014. The complaint alleges that while Montage’s stock
price was artificially inflated, the Company was able to complete a
follow-on public offering of 5,350,000 ordinary shares at a price
of $21 per share.
On February 6, 2014, Gravity Research Group published a report
contending that Montage greatly exaggerated its true financial
performance, asserting that one of Montage’s largest distributors,
LQW Technology Company Limited, was a shell company used to
fabricate Montage’s financial results. Additionally, the report
stated that the Company’s largest “end” customer was an undisclosed
related party. As a result of this news, Montage’s stock price fell
to as low as $14.51 per share before closing at $17.45 per share on
February 6, 2014, a one day decline of nearly 18% and a decline of
nearly 32% from its Class Period high.
Johnson & Weaver, LLP is a nationally recognized
shareholders’ rights law firm with offices in New York, New York
and San Diego, California. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits. For more information about the firm and its
attorneys, please visit http://www.johnsonandweaver.com.
Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com
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