Shareholder Class Action Announced

You will note when you go to this link the following appears under the Wall Street Journal Banner, but in small print just underneat it states the WSJ had nothing to do with this posting. That has to tell us something off the bat. Unfortunately, it would seem a suit like this will generate negative reactions toward NQ for months. Here's the text:

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DALLAS--(BUSINESS WIRE)--November 01, 2013--

Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against NQ Mobile, Inc. ("NQ Mobile" or "Company" Wink (NYSE: NQ). The firms are investigating additional legal claims against the officers and Board of Directors of NQ Mobile during the period of May 5, 2011 and October 24, 2013 (the "Class Period" Wink .

If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at shareholder@powerstaylor.com. There is no cost or fee to you.

In a recently filed federal class action complaint, NQ Mobile and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants misrepresented and/or failed to disclose that: (i) NQ Mobile exaggerated its presence and market share in China as well as the size of its paying user base; (ii) NQ Mobile's antivirus program, Antivirus 7.0, was actually a spyware program that left users' devices open for attack; (iii) NQ Mobile's revenue and reported cash balances were materially inflated at all relevant times; (iv) NQ Mobile's revenue and financial guidance issued during the Class Period lacked a reasonable basis when made; (v) NQ Mobile's financial statements violated Generally Accepted Accounting Principles ("GAAP" Wink and were materially false and misleading at all relevant times; and (vi) as a result of the foregoing, statements regarding NQ Mobile's financial performance and expected earnings were false and misleading and lacked a reasonable basis when made. According to the complaint, when the truth was revealed to the public, NQ Mobile's stock dropped dramatically.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

 

    CONTACT: The Briscoe Law Firm, PLLC

Willie Briscoe, 214-239-4568

WBriscoe@TheBriscoeLawFirm.com

Powers Taylor LLP

Zachary Groover, 877-728-9607

shareholder@powerstaylor.com

 

    SOURCE: Powers Taylor LLP 

Copyright Business Wire 2013

The Wall Street Journal news department was not involved in the creation of this content.

I don't worry about the lawsuits, just the publicity and how that affects the market price. If I were to guess, this suit isn't serious, only a cheap means to drive down prices and undermine the company.

NQ Mobile Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors