Shapiro Haber & Urmy LLP Announces Suit Against NQ Mobile, Inc. and Others
October 31 2013 - 5:38PM
Business Wire
Shapiro Haber & Urmy LLP, a firm with many years of
experience representing investors, represents investors in NQ
Mobile, Inc. ("NQ Mobile" or the "Company") (Ticker: NQ), and
announces that on October 25, 2013, a class action complaint was
filed against the Company in the United States District Court for
the District of Massachusetts on behalf of a class consisting of
all those who purchased or otherwise acquired securities of NQ
Mobile between May 5, 2011 and October 24, 2013, including
purchases in NQ’s initial public offering of May 5, 2011 (the
"Class Period"). The lawsuit asserts claims under the federal
securities laws.
On October 24, 2013, Muddy Waters Research issued a detailed
report (the "Muddy Waters Report") that claimed NQ Mobile to be a
massive fraud and asserting that NQ Mobile had, among other things,
inflated revenue and misrepresented cash balances. The report
alleges, among other matters, that at least 72% of NQ Mobile's
purported China security software revenue is fraudulent.
If you purchased NQ Mobile securities during the Class Period,
you may ask the court to appoint you as a Lead Plaintiff for the
class. The deadline to seek appointment as Lead Plaintiff is
December 27, 2013. If you wish to join the lawsuit or discuss your
rights in connection with the lawsuit, please contact Lauren
Wolahan of Shapiro Haber & Urmy LLP at (800) 287-8119 or (617)
439-3939, or by email to lwolahan@shulaw.com or cases@shulaw.com.
More information about the firm is available at the firm’s website,
www.shulaw.com.
Shapiro Haber & Urmy LLPLauren Wolahan, 617-439-3939
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