NEW YORK, June 20, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that it has filed a class action lawsuit on behalf of purchasers of the shares of China Mobile Games and Entertainment Group (Nasdaq:CMGE) during the period from September 20, 2012 through June 19, 2014, including purchasers in CMGE's public offering that closed on March 26, 2014. The lawsuit seeks to recover investors' losses by asserting claims under the federal securities laws.
To join the CMGE class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim or Kevin Chan toll-free at 866-767-3653; you may also email email@example.com or firstname.lastname@example.org for information on the class action. The lawsuit filed by the firm is pending in the U.S. District Court for the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the suit, certain CMGE officers and directors and underwriters, failed to disclose and/or materially misstated CMGE's true financial condition. Specifically, Defendants made false and misleading statements and/or failed to disclose that CMGE was engaged in a bribery scheme within the Company's game publishing business, that CMGE was engaged in undisclosed related party transactions, and that CMGE lacked internal controls.
The complaint alleges that on June 19, 2014 the price of CMGE shares fell $4.27/share to $14.63/share before being halted by the NASDAQ on news reports that CMGE had removed nine executives, including the Company's President in connection with the alleged bribery. Chinese internet news media reported that the misconduct also involved undisclosed related party transactions with CMGE. As a result of this adverse information, CMGE investors were damaged.
If you wish to serve as lead plaintiff, you must move the Court no later than August 19, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation go to http://rosenlegal.com or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq. Phillip Kim, Esq. Kevin Chan, Esq. The Rosen Law Firm P.A. 275 Madison Avenue, 34th Floor New York, New York 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 email@example.com firstname.lastname@example.org email@example.com www.rosenlegal.comSource: The Rosen Law Firm PA PC