Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of NQ Mobile Inc. (NYSE: NQ)?
- Did you purchase your shares between May 5, 2011 and October 24, 2013, inclusive?
- Did you lose money in your investment in NQ Mobile Inc.?
- Do you want to discuss your rights?
According to the Complaint, on October 24, 2013, the short-selling investment firm, Muddy Waters LLC (“Muddy Waters”) issued a detailed 81-page report entitled “NQ Mobile: China Fraud 2.0” regarding NQ’s accounting practices, customer base and policies (the “Muddy Waters Report”). Among the allegations raised in the Muddy Waters Report, were that the Company had a Chinese market share of 1.5%, rather than the 55% share the Company publicly claimed, and that NQ had minimal, if any, cash reserves.On this news, shares in NQ plummeted more than 47%, closing at $12.09 per share on October 24, 2013, on heavy trading volume of over 29 million shares. If you wish to serve as lead plaintiff, you must move the Court no later than December 27, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.