SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

August 15, 2011 13:23 ET

The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in Motricity, Inc. of Class Action Lawsuit and Lead Plaintiff Deadline of October 11, 2011

NEW YORK, NY--(Marketwire - Aug 15, 2011) - Levi & Korsinsky 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 Motricity, Inc. ("Motricity" or the "Company") (NASDAQ: MOTR) common stock between June 18, 2010 through August 9, 2011 (the "Class Period").

For more information, click here: http://zlk.9nl.com/motricity-motr.

The complaint alleges that during the Class Period, Motricity and certain of its officers and directors issued materially false and misleading statements regarding the Company's business prospects and financial results. Specifically, the complaint alleges that defendants failed to disclose negative trends in Motricity's business, and represented that the Company would continue to thrive despite the increased popularity of smartphones. As a result, Motricity stock traded at artificially inflated prices.

On June 18, 2010, Motricity announced an Initial Public Offering of 6 million Motricity shares priced at $10 per share. On May 3, 2011, Motricity released its first quarter 2011 financial results, reporting a net loss of $6.1 million. Three months later the Company issued its second quarter results reporting a net loss of $4.3 million. On this news, Motricity stock collapsed, falling fifty-percent in one day.

If you are a member of the class and suffered a loss in Motricity stock, you have until October 11, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/motricity-inc.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com