INVESTOR ALERT: Class Action Lawsuit Against China Mobile Games and Entertainment Group Limited Announced by Glancy Binkow & Goldberg LLP
LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the American Depositary Shares of China Mobile Games and Entertainment Group Limited (“China Mobile Games” or the “Company”) (NASDAQ:CMGE) between September 20, 2012 and June 19, 2014 (the “Class Period”).
Please contact us at (646) 539-8980, or at email@example.com to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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, if you 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 Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (646) 539-8980, 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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