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.
Request more information now by clicking here: www.faruqilaw.com/NQ. There is no cost or obligation to you.
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 email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding NQ Mobile's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.