Montage Technology Group Ltd (NASDAQ: MONT) Investor Securities Class Action Lawsuit 02/07/2014

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of November 20, 2017 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
Montage Technology Group
Case Name: 
Montage Technology Group Shareholder Class Action Lawsuit 02/07/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: MONT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/07/2014
Class Period Begin: 
09/25/2012
Class Period End: 
02/06/2014
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
04/08/2014
Settlement Amount: 
$7,250,000
Deadline to Participate in Settlement: 
11/20/2017
Summary: 

The settlement includes all persons who or which purchased or otherwise acquired the common stock of Montage Technology Group Ltd (NASDAQ: MONT) from September 25, 2013 to February 6, 2014, and did not sell such securities prior to February 6, 2014.

July 10, 2017 - Parties filed a stipulation of settlement.

January 29, 2015 - The court denied the defendants' motion to dismiss.

September 22, 2014 - The defendants filed a motion to dismiss.

July 22, 2014 - The lead plaintiff filed an amended complaint.

May 13, 2014 - All cases were consolidated.

February 19, 2014 - Another investor filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of investors who purchased Montage Technology Group Ltd common shares between September 26, 2013 and February 6, 2014. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 26, 2013 and February 6, 2014.

February 14, 2014 - Another investor filed a lawsuit in the U.S. District Court for the Northern District of California on behalf of investors who purchased Montage Technology Group Ltd common shares between September 26, 2013 and February 6, 2014. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 26, 2013 and February 6, 2014.

February 7, 2014 - An investor in shares of Montage Technology Group Ltd (NASDAQ: MONT) filed a lawsuit in the U.S. District Court for the Southern District of New York against Montage Technology Group Ltd over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between September 25, 2013 and February 6, 2014.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Montage Technology Group Ltd (NASDAQ: MONT) between September 25, 2013 and February 6, 2014, that Montage Technology Group Ltd and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

Montage Technology Group Ltd reported that its annual Total Revenue rose from $29.08 million in 2010 to $78.25 million in 2012 and that its Net Loss of $8.54 million in 2010 turned into a Net Income of $18.28 million in 2012.

Shares of Montage Technology Group Ltd grew from $13.00 in October 2013 to $25.63 per share in January 2014.

On January 31, 2014, Montage Technology Group Ltd conducted a secondary equity offering, issuing 5.35 million shares at a value of $21 per share.

Then on February 6, 2014, a report was published that claimed that Montage Technology Group Ltd grossly overstated its revenue. Specifically, the report asserts Montage Technology Group Ltd’s largest distributor was a shell company which was used to help fabricate Montage Technology Group Ltd’s financial statements.

On February 7, 2014, Montage Technology Group Ltd issued a statement in response to the report. Montage Technology Group Ltd said that the allegations and accusations in the report lack merit and contain numerous errors of fact, misleading speculation and misinterpretation of events.

Nevertheless, shares of Montage Technology Group Ltd (NASDAQ: MONT) declined to $13.66 per share on Feb. 7, 2014 and closed at $15.72 per share.