NQ Mobile Inc (ADR) (NYSE:NQ) Shareholder Class Action Lawsuit

A lawsuit has been filed by an investor that purchased shares of NQ Mobile Inc. (ADR) in the U.S. District Court for the Southern District of New York. The suit alleges the company violated Federal Securities laws in connection with certain allegedly misleading and false statements made by NQ Mobile between May 5, 2011 and October 24, 2013.

If you have purchased shares of NQ Mobile Inc (NYSE:NQ) between May 5, 2011 and October 24, 2013, call 1-800-934-2921 right now to protect your rights.

Filing deadline:  12/27/2013

The complaint states the plaintiff speaks on behalf of any and all parties that purchased or otherwise acquired NQ Mobile shares between the aforementioned dates and that certain directors and officers with the company violated the Securities Exchange Act of 1934 by issuing alleged false and misleading statements about the financial condition of the company.

NQ Mobile reported its annual Total Revenue rose from $17.7 million in 2010 to $91.77 million in 2012 and that its Net Loss of $9.83 million in 2010 actually turned into a Net Income gain of $10.25 million in 2011 and $9.34 million in 2012.

Shares of NQ Mobile jumped from a low of $3.83 per share in September 2011 to a high of $11.8 per share in April 2012. This was followed on December 10, 2012 with a published report that stated NQ Mobile has allegedly and dramatically inflated its industry position and that its user base was inflated more than ten times. This was just before shares of NQ Mobile declined from $6.3 per share on December 7, 2010 to $5.3 per share three days later.

On December 11, 2012, representatives of NQ Mobile publicly rejected any negative statement published on seekingalpha.com the previous day as completely false. They questioned the validity of the statements written by an author that admitted to holding a short position in the company.

Shares of NQ Mobile grew from $6.1 per share in early 2013 to a per share high of $25.9 by October 21, 2013. 

On October 24, 2013, yet another report surfaced that alleged NQ Mobile was greatly inflating its financial performance. Among the many things the report alleged, it claimed that at least 72 percent of the company’s purported security revenue in China simply did not exist. That led to an immediate response from NQ Mobile stating the allegations in that report were completely false.

Shares of NQ Mobile suffered a per share decline from $23.71 on October 23, 2013 to a per share price of $8.8 on October 28, 2013.

NQ Mobile Inc. is listed on the NASDAQ as NQ.

Own shares of NQ Mobile Inc (NYSE:NQ)? Contact us to protect your rights.

If you have purchased shares of NQ Mobile Inc (NYSE:NQ) between May 5, 2011 and October 24, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights. 

Complete the form below for a free no obligation consultation. 

 

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