NEW YORK, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of MOL Global, Inc. American Depository Shares ("MOL Global" or the "Company") (Nasdaq:MOLG) between October 9, 2014 and November 20, 2014, inclusive (the "Class Period").
The class action alleges that the Company and certain of its officers and/or directors violated Sections 11 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased MOL Global during the Class Period, you may, no later than January 23, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the MOL Global Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
The complaint alleges that during the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose to MOL Global investors that: (1) MOL Global was overstating the revenue and profit derived from MOL Global's business and operations; (2) MOL Global's actual business model could not sustain the growth trends described in the Offering Documents; (3) MOL Global 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, MOL Global's financial statements were materially false and misleading at all relevant times.
On October 9, 2014, MOL Global stock opened for trading at $10.75 in connection with its initial public stock offering ("IPO"). However, just over one month after the IPO, on November 21, 2014, MOL Global announced that the Company had rescheduled the release of its third quarter 2014 financial results and that the Company's Chief Financial Officer had resigned.
Following this news, shares of MOL Global fell by over $4.77 per share, or more than 53%, on November 21, 2014 to close at $4.09.
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