SAN DIEGO and KUALA LUMPUR, Malaysia, Dec. 5, 2014 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of MOL Global, Inc. (Nasdaq:MOLG) has filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of New York on behalf of purchasers of MOL Global American Depository Shares between October 14, 2014 and December 1, 2014. The complaint alleges that the company and certain of its officers and directors violated the Securities Act of 1933 in connection with the Company's October 14, 2014 initial public stock offering ("IPO"). MOL Global provides e-payment solutions for online goods and services in Southeast Asia.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/mol-global-inc
MOL Global Is Accused of Misleading Investors
According to the complaint, MOL Global's Registration Statement filed in conjunction with the company's October 14, 2014 IPO contained inaccurate statements of material fact. Specifically, the complaint alleges that MOL Global knew, but failed to disclose, that the company was unable to timely and accurately report its financial results because it lacked adequate reporting capabilities. Further, the complaint accuses MOL Global of misstating Revenue and Direct Cost and Other Ancillary Services in its Consolidated Statements of Profit of Loss and Other Comprehensive Income and concealing a decrease in volume and technical delays in its online games portal, MMOG.asia. As a result, MOL Global's Registration Statement contained false and/or misleading statements and failed to disclose material adverse facts about the company's financial prospects, and/or failed to disclose the truth regarding the company's financial condition. MOL Global shares have declined approximately 85% from the IPO price.
MOL Global Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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