SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in China Mobile Games & Entertainm...
11 Luglio 2014 - 10:02PM
Pomerantz LLP has filed a class action lawsuit against China Mobile
Games & Entertainment Group, Ltd. ("China Mobile Games" or the
"Company") (Nasdaq:CMGE) and certain of its officers. The class
action, filed in United States District Court, Southern District of
New York, and docketed under 14-cv-4745, is on behalf of a class
consisting of all persons or entities who purchased CMGE's American
Depository Shares ("ADS") between September 20, 2012 and June 19,
2014, inclusive (the "Class Period"), including those investors who
purchased CMGE ADS pursuant to the CMGE's secondary public offering
that closed on or about March 26, 2014. This class
action seeks to recover damages against Defendants for alleged
violations of the federal securities laws under the Securities Act
of 1933 (the "Securities Act") and the Securities Exchange Act of
1934 (the "Exchange Act").
If you are a shareholder who purchased China Mobile Games
securities during the Class Period, you have until August 19, 2014
to ask the Court to appoint you as Lead Plaintiff for the
class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert
S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free, x237. Those who inquire by e-mail are
encouraged to include their mailing address, telephone number, and
number of shares purchased.
China Mobile Games, a Cayman Islands corporation headquartered
in Guangzhou, China, is the largest publisher and developer of
mobile games in China.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, and failed to
disclose material adverse facts about the Company's business,
operations, prospects and performance. Specifically, during
the Class Period, defendants made false and/or misleading
statements and/or failed to disclose that: (i) CMGE was
engaged in a bribery scheme within the Company's game publishing
business; (ii) CMGE was engaged in undisclosed related party
transactions; (iii) CMGE lacked adequate internal controls; and
(iii) as a result of the above, the Company's financial statements
were materially false and misleading at all relevant times.
On June 19, 2014, the price of CMGE shares fell $4.27 per share
to $14.63, before being halted by the NASDAQ on news reports that
CMGE had removed nine executives, including defendant Ying Shuling,
CMGE's President, for alleged involvement in bribery.
Chinese internet news media reported that the misconduct also
involved undisclosed related party transactions involving CMGE.
These reports also indicated that in addition to Shuling, Vice
President Sun Jingzhi, Vice President Du Xinxing, and General
Managers Min Shuzhong and Wang Kun and Distribution Center Director
Du Juan, Overseas Distribution Group Vice General Manager Luo Xiao,
were among those terminated.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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