Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against NQ Mobile Inc.

Business Wire

BENSALEM, Pa.--(BUSINESS WIRE)--

Law Offices of Howard G. Smith announces that investors of NQ Mobile Inc. (“NQ Mobile” or the “Company”) (NQ) have until December 27, 2013, to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the securities of NQ Mobile between May 5, 2011 and October 24, 2013, inclusive (the “Class Period”).

NQ Mobile is a Beijing, China-based provider of mobile Internet services, including mobile security, privacy, productivity, personalized cloud and family protection. The Complaint alleges that the defendants issued false and/or misleading statements and failed to disclose material facts concerning NQ Mobile’s business, operations and financial performance. On October 24, 2013, Muddy Waters Research Group issued a report alleging that, among other things:

  • At least 72% of NQ’s purported China security revenue is fictitious and the Company’s largest customer is actually NQ Mobile.
  • NQ Mobile’s actual market share in China is about 1.5%, rather than the approximately 55% it purports, and its paying China user base is less than 250,000, rather than the approximately six million it purports.
  • NQ Mobile’s Antivirus 7.0 is unsafe for sale to consumers, and creates serious vulnerabilities, making users’ phones prone to data compromise and cyber attack.

If you are a member of the Class described above, you have certain rights and have until December 27, 2013, to move for lead plaintiff status. To be a member of the class you need not take any action at this time or may retain counsel of your choice. If you purchased shares prior to the Class Period and wish to learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

Contact:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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