NEW YORK, Nov. 26, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of all persons who purchased or otherwise acquired MOL Global, Inc. ("MOLG" or the "Company") (Nasdaq:MOLG) securities during the period between October 9, 2014 and November 20, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was overstating the revenue and profit derived from MOLG's business and operations; (2) the Company's actual business model could not sustain the growth trends described in the Offering Documents; (3) the Company would not be able to report its third quarter 2014 financial results on November 21, 2014, as previously stated; and (4) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
Less than two months after the Company's Initial Public Offering ("IPO"), on November 20, 2014, the Company announced that it has rescheduled the date it plans to release its third quarter 2014 financial results to December 3, 2014. MOLG also announced that its Chief Financial Officer, who joined the Company in August 2014, has tendered his resignation, effective immediately. On this news, the price of the Company's shares plummeted by more than 60% from the IPO price.
If you wish to serve as lead plaintiff, you must move the Court no later than January 23, 2015. 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, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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Source:Gainey McKenna& Egleston