Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
October 18, 2016 - The court approved the settlement, the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
May 20, 2016 - The court preliminarily approved the settlement.
April 8, 2016 - Parties filed a stipulation of settlement.
November 6, 2015 - Defendants filed a motion to dismiss.
October 7, 2015 - The lead plaintiff filed another amended consolidated complaint on behalf of investors who purchased American Depositary Shares (ADS) of MOL Global Inc (NASDAQ: MOLG) pursuant and/or traceable to the Registration Statement for MOL Global Inc’s October 9, 2014 initial public offering (IPO) of ADSs, including (a) ADSs purchased in the IPO on or about October 9, 2014, as well as (b) ADSs purchased on the open market during the period from October 9, 2014 and November 21, 2014. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 by issuing false and misleading statements between October 9, 2014 and November 21, 2014.
July 7, 2015 - The lead plaintiff filed an amended consolidated complaint.
May 8, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
January 23, 2015 - Lead plaintiff motions were filed.
November 24, 2014 - An investor in American Depositary Shares (ADS) of MOL Global Inc (NASDAQ: MOLG) filed a lawsuit in the U.S. District Court for the Southern District of New York against MOL Global Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 9, 2014 and November 20, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of MOL Global Inc (NASDAQ: MOLG) American Depositary Shares between October 9, 2014 and November 20, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between October 9, 2014 and November 20, 2014 defendants made allegedly false and/or misleading statements and/or failed to disclose to MOL Global Inc investors that MOL Global Inc was overstating the revenue and profit derived from MOL Global Inc's business and operations, that MOL Global Inc’s actual business model could not sustain the growth trends described in the Offering Documents, that MOL Global Inc would not be able to report its third quarter 2014 financial results on November 21, 2014, as previously stated, and that as a result of the foregoing, MOL Global Inc's financial statements were materially false and misleading at all relevant times.
MOL Global Inc reported that its annual Total Revenue rose from $95.57 million in 2012 to $171.52 million in 2013 and that its respective Net Income grew from $4.72 million to $12.01 million.
MOL Global Inc reported that its first quarter Revenue rose from $36.80 million in 2013 to $48.60 million in 2014 and that its first quarter Net Income increased from $4.2 million in 2013 to $7.6 million in 2014. For the second quarter 2014 MOL Global Inc reported that its second quarter rose from $41.90 million in 2013 to $56.50 million in 2014 and that its second quarter Net Income grew from $0.90 million in 2013 to $3.6 million in 2014.
Then in October 2014 MOL Global Inc went public.
On November 20, 2014, before the market opened, Deutsche Bank set a buy recommendation for MOL Global Inc and a $12.00 price target on the stock.
On November 20, 2014, after the market closed, MOL Global Inc announced that the Company has rescheduled the date it plans to release its third quarter 2014 financial results to Wednesday, December 3, 2014 before market opens. MOL Global Inc also announced after the CFO had abruptly resigned for personal reasons.
On November 21, 2014, just a day after issuing a buy recommendation, Deutsche Bank advised investor caution about shares in MOL Global Inc, describing MOL Global Inc's sudden announcement as potentially ominous.
Shares of MOL Global Inc (NASDAQ: MOLG) declined from as high as $9.13 per share during November 20, 2014, to as low as $3.99 per share during November 21, 2014.