The Shareholders Foundation announces that an investor, who purchased shares of MOL Global Inc (NASDAQ:MOLG), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by MOL Global Inc in connection with certain allegedly false and misleading statements made between October 9, 2014 and November 20, 2014.
Investors who purchased shares of MOL Global Inc (NASDAQ:MOLG) have certain options and for certain investors are short and strict deadlines running. Deadline: January 23, 2015. NASDAQ:MOLG investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of MOL Global Inc (NASDAQ:MOLG) common shares between October 9, 2014 and November 20, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between October 9, 2014 and November 20, 2014Defendants made allegedly false and/or misleading statements and/or failed to disclose to MOL Global Inc investors that MOL Global Inc was overstating the revenue and profit derived from MOL Global Inc’s business and operations, that MOL Global Inc’s actual business model could not sustain the growth trends described in the Offering Documents, that MOL Global Inc would not be able to report its third quarter 2014 financial results on November 21, 2014, as previously stated, and that as a result of the foregoing, MOL Global Inc’s financial statements were materially false and misleading at all relevant times.
On November 20, 2014, before the market opened, Deutsche Bank set a “buy” recommendation for MOL Global and a $12.00 price target on the stock.
On November 20, 2014, after the market closed, MOL Global Inc announced “that the Company has rescheduled the date it plans to release its third quarter 2014 financial results to Wednesday, December 3, 2014 before market opens.” The Company also announced after the CFO had abruptly resigned “for personal reasons.”
On November 21, 2014, just a day after issuing a “buy” recommendation, Deutsche Bank advised investor caution about shares in MOL Global Inc, describing MOL Global Inc’s sudden announcement as “potentially ominous.” Shares of MOL Global Inc (NASDAQ:MOLG) declined from as high as $9.13 per share during November 20, 2014, to as low as $3.99 per share during November 21, 2014 and continued to decline to as low as $1.53 per share on Dec. 1, 2014.
On December 5, 2014, NASDAQ:MOLG shares closed at $2.80 per share.
Those who purchased shares of MOL Global Inc have certain options and should contact the Shareholders Foundation.
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