LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP reminds investors of China Mobile Games and Entertainment Group Limited (“China Mobile Games” or the “Company”) (NASDAQ:CMGE) that all purchasers of the American Depositary Shares of China Mobile Games between September 20, 2012 and June 19, 2014, inclusive (the “Class Period”), have until August 19, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.
China Mobile Games, through its subsidiaries, develops and publishes social games and single-player mobile games primarily in the People’s Republic of China. The Complaint alleges that defendants issued false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and financial performance. Specifically, the defendants misrepresented or failed to disclose a bribery scheme within the Company’s game publishing business, undisclosed related party transactions, and that the Company’s internal controls were inadequate.
On June 19, 2014, China Mobile Games disclosed that it had suspended nine senior executives, including the Company’s president. According to a report published by Bloomberg, nine senior managers were suspended, including President Shuling Ying, in connection with alleged involvement in “bribery with game developers.” Following this news, the Company’s share price dropped approximately 22 percent on June 19, 2014, before being halted by the NASDAQ.
If you are a member of the Class described above, you may move the Court no later than August 19, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the 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 Class. If you wish to learn more about this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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