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Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased NQ Mobile, Inc. (“NQ” or the “Company”) (NYSE:NQ) common stock between May 5, 2011 and October 24, 2013.
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The complaint alleges that defendants issued materially false and misleading statements and/or failed to disclose materially adverse factors. Specifically, the complaint alleges that defendants failed to disclose, among other things, that NQ far overstated its presence and market share in China, misrepresented the size of its paying user base, and that the Company’s antivirus program Antivirus 7.0 was actually a spyware program that left users’ devices subject to attack, and that the Company’s revenue and reported cash balances were materially overstated at all relevant times.
On October 24, 2013, Muddy Waters Research issued a report asserting, among other things, that at least 72% of NQ’s purported China security revenue is fictitious, and that NQ’s largest customer is actually itself. The report also questions the veracity of NQ’s cash balance, its reported international revenue and its filed financial statements. On October 25, 2013, the Company announced that its board of directors has formed a special committee to review the allegations.
If you suffered a loss in NQ you have until December 27, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.