Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor LLP announce that a federal class action lawsuit has been
filed against NQ Mobile, Inc. (“NQ Mobile” or “Company”) (NYSE: NQ). The
firms are investigating additional legal claims against the officers and
Board of Directors of NQ Mobile during the period of May 5, 2011 and
October 24, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the
lawsuit or join the action, contact Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com,
or Zachary Groover at Powers Taylor LLP, toll free (877) 728-9607, via
e-mail at shareholder@powerstaylor.com.
There is no cost or fee to you.
In a recently filed federal class action complaint, NQ Mobile and
certain of its officers and directors were charged with violating
certain provisions of the Securities Exchange Act of 1934. Specifically,
the complaint alleges that among other things, defendants misrepresented
and/or failed to disclose that: (i) NQ Mobile exaggerated its presence
and market share in China as well as the size of its paying user base;
(ii) NQ Mobile’s antivirus program, Antivirus 7.0, was actually a
spyware program that left users’ devices open for attack; (iii) NQ
Mobile’s revenue and reported cash balances were materially inflated at
all relevant times; (iv) NQ Mobile’s revenue and financial guidance
issued during the Class Period lacked a reasonable basis when made; (v)
NQ Mobile’s financial statements violated Generally Accepted Accounting
Principles (“GAAP”) and were materially false and misleading at all
relevant times; and (vi) as a result of the foregoing, statements
regarding NQ Mobile’s financial performance and expected earnings were
false and misleading and lacked a reasonable basis when made. According
to the complaint, when the truth was revealed to the public, NQ Mobile’s
stock dropped dramatically.
The
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Powers
Taylor LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
Copyright Business Wire 2013