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 firstname.lastname@example.org. 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.