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 purchasers of the American Depositary Shares of MOL Global, Inc. (“MOL Global” or the “Company”) (NASDAQ:MOLG) between October 9, 2014 and November 20, 2014, inclusive (the “Class Period”), including purchasers pursuant and/or traceable to MOL Global’s Registration Statement and Prospectus issued in connection with the Company’s October 9, 2014, initial public offering (“IPO”).
Please contact Lesley Portnoy or Casey Sadler at 888-773-9224 or 310-201-9150, 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.
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 has rescheduled the date it plans to release its third quarter 2014 financial results to December 3, 2014, before the market opens. In addition, the Company announced 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, 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 if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, or 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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