LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP reminds investors of MOL Global, Inc. (“MOL Global” or the “Company”) (NASDAQ:MOLG) that purchasers of MOL Global American Depositary Shares between October 9, 2014 and November 20, 2014, inclusive (the “Class Period”), including purchasers pursuant and/or traceable to the Company’s October 9, 2014 initial public offering (“IPO”), have until January 23, 2015, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Southern District of New York.
MOL Global provides e-payment solutions for online goods and services in Southeast Asia. The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose to MOL Global investors that: (1) MOL Global was overstating the revenue and profit derived from the Company’s business and operations; (2) the Company’s actual business model could not sustain the growth trends described in the IPO offering documents; (3) MOL Global would not be able to report its third quarter 2014 financial results on November 21, 2014, as previously stated; and (4), as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On November 20, 2014, MOL Global announced that the Company had rescheduled the date it plans to release its third quarter 2014 financial results, and that the Group Chief Financial Officer, who joined MOL Global in August 2014, has tendered his resignation, effective immediately, “due to personal reasons.” Following this news, on November 21, 2014, shares of the Company’s stock dropped to $4.09 per share − a 67% decline from the IPO price.
If you are a member of the Class described above, you may move the Court no later than January 23, 2015, 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 wish to learn more about this action, or if you 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, at (310) 201-9150, by e-mail to firstname.lastname@example.org, 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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