SOURCE: Brower Piven, A Professional Corporation

August 19, 2011 15:45 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Motricity, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the October 11, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Aug 19, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of the common stock of Motricity, Inc. ("Motricity" or the "Company") (NASDAQ: MOTR) during the period between June 18, 2010 and August 9, 2011, inclusive, (the "Class Period") and/or who acquired shares of Motricity common stock pursuant or traceable to the Company's June 17, 2010 initial public offering ("IPO").

If you have suffered a net loss for all transactions in Motricity, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 11, 2011, and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the Company's failure to disclose during the Class Period and in connection with the IPO negative trends in Motricity's business and the impact smartphones that provide internet access without the Company's services would have on the Company's business. According to the complaint, after, on May 3, 2011, Motricity released its first quarter 2011 financial results, reporting a net loss of $6.1 million, and after, on August 9, 2011, Motricity issued its second quarter 2011 financial results, reporting a net loss of ($4.3) million, or ($0.09) diluted earnings per share and revenue of $34.6 million, well short of Wall Street's forecast, the value of Motricity stock declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact