INVESTOR ALERT: Class Action Lawsuit Against China Mobile Games and Entertainment Group Limited Announced by Law Offices of Howard G. Smith
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith 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 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, inclusive (the “Class Period”).
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 about China Mobile Games’ business and operations, and failed to disclose material adverse facts; specifically, (1) a bribery scheme within the Company’s game publishing business; (2) undisclosed related party transactions; and (3) 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.”
If you are a member of the Class described above, you have until August 19, 2014, to move the Court 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, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.