Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in NQ Mobile (NYSE:NQ) in connection to alleged violations of securities laws by NQ. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in NQ Mobile from March 30, 2017 until February 6, 2018.
The class action complaint specifically alleges that during the period in question, NQ might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that the company failed to disclose certain related party transactions associated with a transaction conducted between NQ Mobile and Tongfang; that as a result of the parties involved in this transaction, the company accepted, as consideration, a note that had a substantial probability of default; and that consequently the company’s statements to the public about its business, prospects and operations during the relevant period were false and misleading. The complaint alleges that when true facts emerged, investors suffered losses.
NQ Mobile is a China-based global technology company engaged in the development, licensing, support and sale of softwares and services in the smart car space. In February 2018 the company announced its intent to rebrand as Link Motion, three years after its announced shift to become a mobile entertainment company. The shift to a focus on smart car technology included a partnership with Hangzhou First Technology, a company involved in automobile design and engineering. “We believe the smart cars of the future will become a moving personalized ‘Smart Space’ for passengers.” Vincent Wenyong Shi, Chairman of NQ Mobile, said in a statement. “By combining our own CarBrain and smart space services and working with Botan, we are reinventing the car with the passengers in mind and creating a seamless internet lifestyle for them to enjoy their time during the ride. This will be the foundation of our Smart Ride business.”
A class action lawsuit has already been filed in connection with NQ Mobile. If you wish to serve as lead plaintiff in the NQ lawsuit, you must move the Court no later than April 11, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.