Faruqi & Faruqi, LLP Announces Investigation Of Motricity, Inc.
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Motricity, Inc. (“Motricity” or the “Company”) (NASDAQ: MOTR). Faruqi & Faruqi, LLP seeks to determine whether Motricity violated federal securities laws in connection with statements made to the Company’s shareholders.
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Specifically, the investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose: (1) negative trends in the Company’s business, including faster than expected adoption of smartphones by consumers; (2) demand for the Company’s services by the Company’s largest consumers was not increasing to the extent represented; and (3) the Company’s business was not growing as fast as represented, particularly domestically.
On August 9, 2011, the Company announced its second quarter 2011 financial results, reporting a $4.3 million net loss, or $0.09 diluted earnings per share, falling far short of Wall Street’s forecast. On this news the Company’s stock dropped 50% on very high trading volume to open at $2.26 per share on August 10, 2011.Take Action If you purchased Motricity securities between June 18, 2010 and August 9, 2011, and you would like to discuss your legal rights, visit www.faruqilaw.com/MOTR. You can also contact us by calling Anthony Vozzolo toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Motricity’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others. About Faruqi & Faruqi, LLP Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The firm is focused on providing exemplary legal services in complex litigation. Founded in 1995, the firm maintains its principal office in New York City, with offices in Delaware, California, Florida, and Pennsylvania. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.
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