NEW YORK--(BUSINESS WIRE)-- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of NQ Mobile Inc. (NYSE:NQ) who purchased shares between March 30, 2017 and February 6, 2018. The action, which was filed in the United States District Court for the Eastern District of Texas, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) NQ failed to disclose related party transactions involving the Transaction between NQ Mobile and Tongfang Investment Fund; (2) due to the related parties involved in the Transaction, NQ agreed to consideration in the form of a note with a high likelihood of default; (3) Defendant Shi’s interest in the Transaction was not fully disclosed; and (4) as a result, Defendants’ statements about NQ's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until April 11, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/nq-mobile-inc?wire=2.
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
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The Klein Law Firm
Joseph Klein, Esq., 212-616-4899
Source: The Klein Law Firm