NQ MOBILE LEAD PLAINTIFF ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In NQ Mobile Inc. To Contact The Firm
NEW YORK, March 08, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in NQ Mobile Inc. (“NQ Mobile” or the “Company”) (NYSE:NQ) of the April 11, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in NQ Mobile stock or options between March 30, 2017 and February 6, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/NQ. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of Texas on behalf of all those who purchased NQ Mobile securities between March 30, 2017 and February 6, 2018 (the “Class Period”). The case, Chen v. NQ Mobile et al., No. 4:18-cv-00096 was filed on February 10, 2018 and has been assigned to Judge Amos Louis Mazzant III.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company was involved in certain related party transactions involving itself and Tongfang Investment Fund Series SPC (“Tongfang”); (2) due to the related parties involved in the transactions, NQ Mobile agreed to consideration in the form of a note with a high likelihood of default; (3) the Company did not fully disclose the interest of its Chairman and Chief Operating Officer, Vincent Wenyong Shi, in the transactions; and (4) as a result, the Company’s statements about its business, operations and prospects were materially false and misleading.
On February 6, 2018, SeekingAlpha.com published a report revealing undisclosed related party transactions between NQ Mobile and Tongfang. Specifically, the report stated, “[o]ur research leads us to believe that Tongfang is controlled by [NQ Mobile] insiders and therefore [NQ Mobile] sold [FL Mobile Jiutian Technology Co., Ltd.] and [Beijing Showself Technology Co., Ltd] to insiders.”
Following the report, NQ Mobile’s share price fell from $2.98 per share on February 5, 2018 to a closing price of $1.68 on February 6, 2018—a $1.30 or a 43.62% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding NQ Mobile’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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