NEW YORK, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Tripp Levy PLLC, a leading national securities law firm, announces that a class action lawsuit was filed against MOL Global, Inc. ("MOL Global" or the "Company") (Nasdaq:MOLG) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 14-cv-09357, is on behalf of a class consisting of all persons or entities who purchased MOL Global securities between October 9, 2014 and November 20, 2014, inclusive (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose to MOLG investors that: (1) MOLG was overstating the revenue and profit derived from MOLG's business and operations; (2) MOLG's actual business model could not sustain the growth trends described in the Offering Documents; (3) MOLG 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, MOLG's financial statements were materially false and misleading at all relevant times.
Shares of MOLG declined $4.77 per share, or almost 54%, to close at $4.09 per share on November 21, 2014. This represented a 67% decline in MOLG's ADS price from the IPO price of $12.50. NASDAQ has halted trading in the Company's shares until the Company satisfies NASDAQ's request for additional information.
If you purchased shares of MOL, and have suffered a loss of at least (US) $100,000 from your investment in MOL common stock and would like to learn more about this lawsuit and your ability to potentially recover your losses, please contact us either by email at contact@tripplevy.com or by telephone at (800) 511-7037 or visit our website at www.tripplevy.com.
Tripp Levy PLLC is a leading national securities and shareholder rights law firm representing both individual and institutional shareholders and, along with its affiliate, have recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. The National Law Journal has named Milberg one of the "50 Elite Trial Lawyer Firms" and one of the "50 Leading Plaintiff Firms in America."
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