The Wagner Firm Announces Class Action Lawsuit on Behalf of Investors of MOL Global, Inc.
17 Gennaio 2015 - 2:13AM
Business Wire
The Wagner Firm announces that a shareholder lawsuit has been
filed in the United States District Court for the Southern District
of New York on behalf of investors of MOL Global, Inc. (“MOL
Global” or the “Company”) (NASDAQ:MOLG). The lawsuit seeks recovery
of investment losses on behalf of purchasers of MOL Global American
Depositary Shares (“ADSs”) between October 9, 2014 and November 20,
2014, inclusive (the “Class Period”), including purchasers pursuant
and/or traceable to the Company’s October 9, 2014 initial public
offering (“IPO”).
MOL Global investors are encouraged to contact Avi Wagner at
310-491-7949 or by e-mail at info@thewagnerfirm.com to discuss
this matter.
The Complaint alleges that defendants made false and/or
misleading statements and/or failed to disclose to MOL Global
investors that: (1) MOL Global was overstating the revenue and
profit derived from the Company’s business and operations; (2) the
Company’s actual business model could not sustain the growth trends
described in the IPO offering documents; (3) MOL Global would not
be able to report its third quarter 2014 financial results on
November 21, 2014, as previously stated; and (4), as a result of
the foregoing, the Company’s financial statements were materially
false and misleading at all relevant times.
On November 20, 2014, MOL Global announced that the Company had
rescheduled the date it plans to release its third quarter 2014
financial results, and that the Group Chief Financial Officer, who
joined MOL Global in August 2014, has tendered his resignation,
effective immediately, “due to personal reasons.” Following this
news, on November 21, 2014, shares of the Company’s stock dropped
to $4.09 per share − a 67% decline from the IPO price.
If you purchased MOL Global ADSs between October 9, 2014 and
November 20, 2014, you have until January 23, 2015, to move the
Court to serve as lead plaintiff, if you meet certain legal
requirements. To be a member of the plaintiff class you need not
take any action at this time; you may retain counsel of your choice
or take no action and remain an absent member of the plaintiff
class. If you wish to learn more about this action or receive a
copy of the complaint, please contact Avi Wagner, Esquire, of The
Wagner Firm, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067, at 310-491-7949, by e-mail
at info@thewagnerfirm.com, or visit our website at
http://thewagnerfirm.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
The Wagner Firm, Los AngelesAvi Wagner,
310-491-7949info@thewagnerfirm.comwww.thewagnerfirm.com
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