LOS ANGELES, Dec. 20, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all purchasers of the securities of NQ Mobile Inc. ("NQ Mobile" or the "Company") (NYSE:NQ) between May 5, 2011 and October 24, 2013, inclusive (the "Class Period'), have until December 27, 2013, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Southern District of New York.
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US AT (212) 682-5340, TOLL-FREE AT (888) 773-9224, OR AT SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
NQ Mobile is a Beijing, China-based provider of mobile Internet services, including mobile security. The Complaint alleges that the defendants misrepresented and failed to disclose material facts concerning NQ Mobile's business, operations and financial performance. On October 24, 2013, Muddy Waters Research Group issued a report alleging that, among other things:
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At least 72% of NQ's purported China security revenue is fictitious and the Company's largest customer is actually NQ Mobile.
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NQ Mobile's actual market share in China is about 1.5%, rather than the approximately 55% it purports, and its paying China user base is less than 250,000, rather than the approximately six million it purports.
- NQ Mobile's Antivirus 7.0 is unsafe for sale to consumers, and creates serious vulnerabilities, making users' phones prone to data compromise and cyber attack.
To be a member of the Class you need not take any action at this time or may retain counsel of your choice. If you wish to learn more about this action, or if you have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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