August 29, 2014 (Shareholders Foundation) - An investigation on behalf of investors of Sungy Mobile Ltd (NASDAQ:GOMO) shares over potential securities laws violations by Sungy Mobile Ltd and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Sungy Mobile Ltd (NASDAQ:GOMO) concerning whether a series of statements by Sungy Mobile Ltd regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Sungy Mobile Ltd went public in November 2013. Shares of Sungy Mobile Ltd (NASDAQ:GOMO) reached as high as $31.83 per hsare on March 4, 2014.

On March 25, 2014, Sungy Mobile Ltd announced its fourth quarter and full year 2013 financial results.Sungy Mobile Ltd reported that its full year 2013 Total Revenue increased by 77.5% to $54.3 million and that its Net income increased by 505.3% to $15.2 million. On May 27, 2014, Sungy Mobile Ltd announced its first quarter 2014 financial results and issued its second quarter 2014 revenue guidance. Then on July 18, 2014, Sungy Mobile Ltd announced changes to its board of directors. On Shares of Sungy Mobile Ltd (NASDAQ:GOMO) declined from over $31 in early March 2014 to as low as $9.98 per share on July 21, 2014.

Then on August 27, 2014, Sungy Mobile Ltd (NASDAQ:GOMO) reported its second quarter 2013 unaudited financial results. Shares of Sungy Mobile Ltd (NASDAQ:GOMO) declined to as low as $8.00 per share on August 28, 2014.

On August 29, 2014, NASDAQ:GOMO shares closed at $8.31 per share.