SAN DIEGO, Sept. 29, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain investors who purchased of shares of Mobileiron Inc (NASDAQ:MOBL) over alleged Securities Laws Violations by Mobileiron.
Investors who purchased a substantial amount of shares of Mobileiron Inc (NASDAQ:MOBL) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Mobileiron Inc, formerly Mobile Iron, Inc, went public in June 2014 at $9 per share, which raised $100 million for the company.
However, the plaintiff claims that certain MobileIron officials deceived the investing public and caused the price of its securities to be sold at artificially inflated prices. More specifically, the plaintiff alleges that the company hid the fact that it had been hacked weeks before its initial public offering ("IPO") on June 12, 2014.
The following day, an online insurance news journal published a story detailing that MobileIron's customer, Aviva plc, had its employees' mobile devices hacked. On June 23, 2014, another news article stated that on May 20, 2014, a hacker compromised the MobileIron administrative server and performed a "full wipe" of many of the mobile devices used by Aviva personnel.
On April 22, 2015, MobileIron disclosed that it had witnessed multiple large deals from North American customers that did not close as expected. On the same day, the company issued another press release stating that its Chief Financial Officer was resigning.
The plaintiff alleges that despite the fact that the breach occurred weeks before MobileIron's IPO, the Offering Materials for the IPO failed to disclose the breach, Aviva moving to Blackberry's services, and the likely impact that the publication of the breach would have on MobileIron's ability to secure contracts with large customers and keep customers on its perpetual licensing revenue model. The plaintiff claims that news combined with lower revenues caused shares of Mobileiron Inc (NASDAQ:MOBL) to fall to $2.39 a share. In fact, (NASDAQ:MOBL) shares declined from almost $12 per share in August 2014 to as low as $3.11 per share on September 28, 2015.
Those who purchased (NASDAQ:MOBL) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.