NQ Mobile Inc (ADS) (NYSE: NQ) Investor Securities Class Action Lawsuit 10/28/2013

If you purchased American Depositary Shares (ADS) of NQ Mobile Inc (NYSE: NQ), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
NQ Mobile
Case Name: 
NQ Mobile Shareholder Class Action Lawsuit 10/28/2013
Case Status: 
Settlement Approved
Affected Securities
NYSE: NQ
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/28/2013
Class Period Begin: 
03/06/2013
Class Period End: 
07/03/2014
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
12/27/2013
Date Settled: 
11/17/2015
Settlement Amount: 
$5,100,000
Deadline to Participate in Settlement: 
03/31/2016
Settlement Notice: 
Settlement Proof: 
Summary: 

May 18, 2017 - The court ordered the authorization of the distribution of the net settlement fund.

March 11, 2016 - The court approved the settlement.

November 17, 2015 - The court preliminarily approved the settlement.

October 23, 2015 - Parties filed a stipulation of settlement.

December 16, 2014 - Defendants filed a motion to dismiss.

July 21, 2014 - The lead plaintiffs filed an amended consolidated complaint.

April 9, 2014 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

January 6, 2014 - One plaintiff filed a notice of voluntary dismissal.

December 27, 2013 - Lead plaintiff motions were filed.

October 28, 2013 - An investor in American Depositary Shares (ADS) of NQ Mobile Inc (NYSE: NQ), filed a lawsuit against in the U.S. District Court for the Southern District of New York against NQ Mobile Inc over over violations of Federal Securities Laws in connection with false and misleading statements made between May 5, 2011 and October 24, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired NQ Mobile Inc (ADS) (NYSE: NQ) between May 5, 2011 and October 24, 2013, that NQ Mobile Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 for issuing allegedly false and misleading statements about the Company's financial condition.

NQ Mobile Inc reported that its annual Total Revenue rose from $17.70 million in 2010 to $91.77 million in 2012 and its Net Loss of $9.83 million in 2010 turned into a Net Income of $10.25 million in 2011, respectively $9.34 million in 2012.

Shares of NQ Mobile Inc (ADS) (NYSE: NQ) grew from as low as $3.83 per share in September 2011 to as high as $11.80 per share in April 2012.

Then on December 10, 2012, a report was published claiming that NQ Mobile Inc allegedly is massively overstating its industry position and its "user base has been inflated more than tenfold."

Shares of NQ Mobile Inc (ADS) (NYSE: NQ) declined from $6.30 on Friday, December 7, 2012, to as low as $5.30 per share on December 10, 2012.

On December 11, 2012, NQ Mobile Inc rejected as false allegations made in an article published on seekingalpha.com on December 10, 2012, written by an author who has admitted to holding a short position in the Company.

Shares of NQ Mobile Inc (ADS) grew from $6.10 per share in early 2013 to as high as $25.90 per share on Oct. 21, 2013.

Then on October 24, 2013, a report was published alleging that NQ Mobile Inc has greatly exaggerated its true financial performance. Among others things the report claims that at least 72% of NQ Mobile’s purported China security revenue is fictitious. The same day NQ Mobile Inc responded to the report and said the allegations are false.

Shares of NQ Mobile Inc declined from $23.71 per share on October 23, 2013 to $8.80 per share on October 28, 2013.