NEW YORK--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/molglobal/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of MOL Global, Inc. (“MOL Global”) (NASDAQ:MOLG) American Depositary Shares (“ADSs”) between October 14, 2014, the date of MOL Global’s initial public offering (“IPO”), and December 1, 2014.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from November 24, 2014. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/molglobal/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges MOL Global, certain of its officers and directors and the underwriters of its IPO with violations of the Securities Act of 1933. MOL Global provides e-payment solutions for online goods and services in Southeast Asia.
On October 8, 2014, the SEC declared the Registration Statement for the IPO effective and on or about October 14, 2014, MOL Global and the underwriters priced the IPO. The IPO was a success, with MOL Global issuing and selling more than 7.485 million ADSs of MOL Global to the public at $12.50 each, raising $93.6 million in gross proceeds, and certain selling stockholders selling another more than 6 million ADSs, raising $75.2 million in gross proceeds.
The complaint alleges that under the rules and regulations governing the preparation of the Registration Statement, MOL Global was required to disclose at the time of the IPO that the Company lacked adequate financial reporting capabilities to timely and accurately report its financial results and forecasts, that it had misstated Revenue and Direct Cost and Other Ancillary Expenses in its Vietnam subsidiary, and that the shift from online to mobile gaming had decreased volumes in the Company’s online games portal, MMOG.asia, which decrease was being further compounded by technical delays in introducing and monetizing new mobile games on the Company’s platform. The Registration Statement, however, contained no such disclosures.
When the market learned the truth, the price of MOL Global ADSs fell. At the time of the filing of this action, MOL Global ADSs were trading below $2 each, a more than 85% decline from the IPO price.
Plaintiff seeks to recover damages on behalf of all purchasers of MOL Global ADSs pursuant and/or traceable to the Registration Statement issued in connection with MOL Global’s October 14, 2014 IPO (the “Class”), including purchasers of its ADSs through and including December 1, 2014. The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest securities class action judgment. Please visit http://www.rgrdlaw.com for more information.