NEW YORK, NY / ACCESSWIRE / February 10, 2018 / Pomerantz LLP is investigating claims on behalf of investors of NQ Mobile Inc. ("NQ" or the "Company") (NASDAQ: NQ). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether NQ and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 6, 2018, Rota Fortunae published a report on the website Seeking Alpha entitled "NQ Mobile: Undisclosed Transfer Of Subsidiaries To Chairman Introduces Significant Risks - Price Target $0." Citing a review of Chinese corporate records, the report's author concluded that "insiders control Tongfang Investment Fund, the firm that recently acquired NQ's mobile gaming and video businesses" and stated that "[o]ur research leads us to doubt every aspect of the transaction, including the cash payments and the $270 million note receivable, which together represents over 100% of NQ's market cap."
On this news, NQ Mobile's American Depositary Receipt price fell $1.30, or 43.6%, to close at $1.68 on February 6, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
