Shareholders Foundation, Inc.

Deadline Upcoming in $1.5 Million Settlement in the China Mobile Games & Entertainment Group LTD (ADS) (NASDAQ:CMGE) Investor Lawsuit

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of China Mobile Games & Entertainment Group LTD (ADS) (NASDAQ: CMGE) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on October 21, 2017 and NASDAQ: CMGE investors should contact the Shareholders Foundation.

 

San Diego, CA -- (SBWIRE) -- 09/25/2017 -- A deadline is coming up on October 21, 2017 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of China Mobile Games & Entertainment Group LTD (ADS) (NASDAQ: CMGE) between April 26, 2013 and January 14, 2015.

Investors who purchased a significant amount of shares of China Mobile Games & Entertainment Group LTD (ADS) (NASDAQ: CMGE) between April 26, 2013 and January 14, 2015, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the China Mobile Games & Entertainment Group LTD (ADS) (NASDAQ: CMGE) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/china-mobile-games-entertainment-group-ltd-ads-nasdaq-cmge-investor-securities-class-action-law

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is October 21, 2017. The class action administrator for this case is Strategic Claims Services.

The lawsuit was originally filed in the U.S. District Court for the District Court for the Southern District of New York against China Mobile Games & Entertainment Group LTD over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between September 20, 2012 through June 19, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of China Mobile Games & Entertainment Group LTD (NASDAQ: CMGE) common shares between September 20, 2012 through June 19, 2014, including purchasers in China Mobile Games & Entertainment Group LTD's public offering that closed on March 26, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that defendants made allegedly false and misleading statements and/or failed to disclose that China Mobile Games & Entertainment Group LTD was engaged in a bribery scheme within the China Mobile Games & Entertainment Group LTD's game publishing business, that China Mobile Games & Entertainment Group LTD was engaged in undisclosed related party transactions, and that China Mobile Games & Entertainment Group LTD lacked internal controls.

China Mobile Games & Entertainment Group LTD reported that its annual Total Revenue rose from $187.59 million in 2012 to $353.01 million in 2013 and that its Net Loss of $14.34 million in 2012 turned into a Net income of $26.26 million in 2013. Shares of China Mobile Games & Entertainment Group LTD (NASDAQ: CMGE) grew from $3.45 per share in February 2013 to as high as $38.86 per share in Feburary 2014.

Then on June 19, 2014, a media report stated that nine senior executives at China Mobile Games & Entertainment Group LTD, including its president, were suspended due to alleged involvement in a bribery scheme within its game publishing business.

Shares of China Mobile Games & Entertainment Group LTD (NASDAQ: CMGE) dropped from $18.93 per share on June 18, 2014, to as low as $12.60 per share on June 20, 2014.

On June 20, 2014, China Mobile Games & Entertainment Group LTD (NASDAQ: CMGE) shares closed at $14.33 per share.

Those who purchased shares of China Mobile Games & Entertainment Group LTD (ADS) (NASDAQ: CMGE) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com