NEW YORK, Dec. 1, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MOL Global, Inc. ("MOL Global" or the "Company") (Nasdaq:MOLG) of the January 26, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against MOL Global, certain executives, and the underwriters of the Company's October 9, 2014 initial public offering ("IPO").
A complaint has been filed in the Southern District of New York on behalf of all persons who purchased or otherwise acquired MOL Global American Depository Shares ("ADSs") from October 9, 2014 through November 20, 2014, inclusive (the "Class Period").
The action alleges that during the Class Period, MOL Global made false and/or misleading statements and/or failed to disclose that (i) MOL Global had overstated its revenue and profit; (ii) the Company's actual business model could not sustain the growth trends as depicted in the offering documents of the IPO; and (iii) MOL Global was not in a position to report third quarter 2014 financial results on November 21, 2014, as previously announced.
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. On this news, MOL Global ADS fell by over $4.77 per share, or more than 53%, on November 21, 2014 to close at $4.09.
On December 1, 2014, the Company announced that it would be restating its financial statements for the three month periods ended March 31, 2014 and June 30, 2014 and the six month period ended June 30, 2014 because its Vietnamese subsidiary, Nganluong Joint Stock Company, incorrectly reported its payment business.
On this news, MOL Global ADS fell to $1.58 during intraday trading on December 1, 2014.
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If you invested in MOL Global stock or options in connection with the Company's IPO and would like to discuss your legal rights, visit www.faruqilaw.com/MOLG. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding MOL Global's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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