SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/montage/) today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Montage Technology Group Limited (“Montage”) (NASDAQ:MONT) publicly traded securities during the period between September 26, 2013 and February 6, 2014 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from February 7, 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, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. 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/montage/. 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 Montage and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Montage is a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s operations and business and its financial results. As a result of defendants’ false statements, Montage’s securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of $25.63 per share on January 17, 2014. While Montage’s stock price was artificially inflated, the Company was able to complete a follow-on public offering of 5,350,000 ordinary shares at a price of $21 per share.
On February 6, 2014, Gravity Research Group published a report contending that Montage had greatly exaggerated its true financial performance, asserting that one of Montage’s largest distributors, LQW Technology Company Limited, was a shell company used to fabricate Montage’s financial results. Additionally, the report stated that the Company’s largest “end” customer was an undisclosed related party. As a result of this news, Montage’s stock price fell to as low as $14.51 per share before closing at $17.45 per share on February 6, 2014, a one day decline of nearly 18% and a decline of nearly 32% from its Class Period high.
Plaintiff seeks to recover damages on behalf of all purchasers of Montage publicly traded securities during the Class Period (the “Class”). 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 represents U.S. and international institutional investors in contingency-based securities and corporate litigation. With nearly 200 lawyers in ten offices, the firm represents hundreds of public and multi-employer pension funds with combined assets under management in excess of $2 trillion. The firm has obtained many of the largest recoveries in history and has been ranked number one in the number of shareholder class action recoveries in MSCI’s Top SCAS 50 every year since 2003. Please visit http://www.rgrdlaw.com for more information.