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 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”).
The lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose to 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 release of its third quarter 2014 financial results and that the Group Chief Financial Officer has tendered his resignation, effective immediately, “due to personal reasons.” Following this news, on November 21, 2014, shares of the Company’s stock declined approximately 54%, on unusually heavy volume.
If you are a member of the Class described above, you have until January 23, 2015, 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 suffered losses of $1 million or more and 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.