Shareholders Foundation, Inc.

NQ Mobile Inc (ADR) (NYSE:NQ) Investor Alert: Lawsuit Alleges Misleading Statements

A lawsuit was filed on behalf of investors in NQ Mobile Inc (ADR) (NYSE:NQ shares over alleged securities laws violations. Deadline: December 27, 2013. NYSE:NQ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 

San Diego, CA -- (SBWIRE) -- 10/29/2013 -- An investor, who purchased shares of NQ Mobile Inc (ADR) (NYSE:NQ), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by NQ Mobile Inc in connection with certain allegedly false and misleading statements made between May 5, 2011 and October 24, 2013.

If you purchased a significant amount of shares of NQ Mobile Inc (ADR) (NYSE:NQ) common stock, call options or sold put options during the period between May 5, 2011 and October 24, 2013, you have certain options and there are short and strict deadlines running. Deadline: December 27, 2013. NYSE:NQ investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired NQ Mobile Inc (ADR) (NYSE:NQ) between May 5, 2011 and October 24, 2013, that NQ Mobile Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 for issuing allegedly false and misleading statements about the Company's financial condition.

NQ Mobile Inc (ADR) reported that its annual Total Revenue rose from $17.70 million in 2010 to $91.77 million in 2012 and its Net Loss of $9.83 million in 2010 turned into a Net Income of $10.25 million in 2011, respectively $9.34 million in 2012.

Shares of NQ Mobile Inc (ADR) (NYSE:NQ) grew from as low as $3.83 per share in September 2011 to as high as $11.80 per share in April 2012.

Then on December 10, 2012, a report was published claiming that NQ Mobile Inc. allegedly is massively overstating its industry position and its "user base has been inflated more than tenfold."

Shares of NQ Mobile Inc (ADR) (NYSE:NQ) declined from $6.30 on Friday, December 7, 2012, to as low as $5.30 per share on December 10, 2012.

On December 11, 2012, NQ Mobile Inc. rejected as false allegations made in an article published on seekingalpha.com on December 10, 2012, written by an author who has admitted to holding a short position in the Company.

Shares of NQ Mobile Inc (ADR) grew from $6.10 per share in early 2013 to as high as $25.90 per share on Oct. 21, 2013.

Then on October 24, 2013, a report was published alleging that NQ Mobile Inc has greatly exaggerated its true financial performance. Among others things the report claims that at least 72% of NQ Mobile’s purported China security revenue is fictitious. The same day NQ Mobile Inc responded to the report and said the allegations are false.

Shares of NQ Mobile Inc declined from $23.71 per share on October 23, 2013 to $8.80 per share on October 28, 2013.

Those who purchased shares of NQ Mobile Inc (ADR) have certain options and should contact the Shareholders Foundation.

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