NEW YORK, Nov. 25, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm announces that a class action lawsuit has been filed on behalf of purchasers of MOL Global, Inc. securities (Nasdaq:MOLG) during the period from October 9, 2014 through November 20, 2014. The class action seeks to recover investors' losses under the federal securities laws.
To join the MOL Global class action, go to the website at http://www.rosenlegal.com/cases-445.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
The Complaint alleges that Defendants misled MOLG investors by misrepresenting or concealing that: (1) MOLG was overstating its revenue and profit; (2) MOLG's business model could not sustain the growth trends touted to investors; and (3) MOLG would not be able to report its third quarter 2014 financial results on November 21, 2014, as previously stated.
On October 9, 2014, MOL Global sold 13.5 million shares in its initial public offering (the "IPO"). On November 20, 2014, less than two months later, MOL Global announced it would delay release of its third quarter 2014 financial results and also that its Chief Financial Officer, Allan Wong, had resigned.
On November 21, 2014, Deutsche Bank warned investors about shares in MOLG, saying MOL's recent announcement was "potentially ominous."
On this news, MOLG's share price dropped $4.77/share, or more than 50%, on November 21, 2014. MOLG's ADS price has declined more than 60% since its IPO on October 9, 2014.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 23, 2015. If you wish to join the class action go to http://www.rosenlegal.com/cases-445.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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