NEW YORK, NY--(Marketwired - Oct 29, 2013) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in NQ Mobile, Inc. ("NQ Mobile" or the "Company") (
A complaint has been filed on behalf of all persons who purchased NQ Mobile common stock, call options or sold put options between May 5, 2011 and October 24, 2013 (the "Class Period") in the Southern District of New York.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period NQ Mobile issued false and/or misleading statements regarding the Company's: (i) China security revenue; (ii) market share in China; (iii) cash balances; (iv) international revenue; and (v) financial statements filed with the State Administration for Industry & Commerce of the People's Republic of China and the U.S. Securities and Exchange Commission.
On October 24, 2013, Muddy Waters Research issued a report questioning NQ Mobile's financial statements, alleging that 72% of the Company's China security revenue is fictitious, and speculating that its market share in China is only 1.5% in contrast to the 55% touted by NQ Mobile.
Following this news, the Company's stock declined $10.79 per share, or over 47%, to close at $12.09 per share on October 24, 2013.
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If you invested in NQ Mobile stock, bonds or options between May 5, 2011 and October 24, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/NQ. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. 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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