STEVENSON, Md., Dec. 22, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, 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. ("MOL Global" or the "Company") (Nasdaq:MOLG) American Depository Shares ("ADSs") during the period between October 9, 2014 and November 20, 2014, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until January 23, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in MOL Global ADSs purchased on or after October 9, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants' failure to disclose during the Class Period or in the Prospectus and Registration Statement ("Offering Documents") issued in connection with the Company's October 9, 2014 initial public offering of the ADSs ("IPO") that MOLG was overstating the revenue and profit derived from MOLG's business and operations, that MOLG's actual business model could not sustain the growth trends described in the Offering Documents; and that MOLG's report of its third quarter 2014 financial results would be delayed.
According to the complaint, following the Company's November 20, 2014 announcement that the release of its third quarter 2014 financial results would be delayed and that its CFO resigned, the value of MOLG ADSs declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.