NEW YORK, NY--(Marketwired - August 11, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in China Mobile Games and Entertainment Group Limited ("China Mobile" or the "Company") (NASDAQ: CMGE) of the August 19, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against China Mobile, certain officers of the Company and underwriters of the Company's secondary public offering that closed on or about March 26, 2014 (the "Offering").
A complaint has been filed in the Southern District of New York on behalf of all persons who purchased China Mobile American Depository Shares ("ADS") between September 20, 2012 and June 19, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, defendants made false and misleading statements and failed to disclose that: (i) China Mobile had engaged in a bribery scheme within its game publishing business; (ii) the Company had engaged in undisclosed related party transactions; and (iii) China Mobile employed inadequate internal controls.
On June 19, 2014, news reports that China Mobile had removed nine executives for alleged involvement in bribery were published.
Following this news, the price of China Mobile ADS declined by $4.27 per share, or over 22%, to close on June 19, 2014 at $14.63 per share.
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If you invested in China Mobile ADS between September 20, 2012 and June 19, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/CMGE. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding China Mobile's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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