Case Page

 

Case Status:    DISMISSED    
On or around 05/03/2016 (Other)

Filing Date: August 12, 2011

According to a press release dated August 12, 2011, the defendant announced a class action securities lawsuit seeking class action status has been filed in the United States District Court for the Western District of Washington on behalf of purchasers of the common stock of the Company traceable to the Company's offering of common stock on or about June 17, 2010, and purchasers of the common stock between June 18, 2010 and August 9, 2011, inclusive.

The plaintiffs allege that the Company and certain of its officers failed to disclose negative trends in the Company’s business, including with the Company’s most important customers, and represented that business would continue to prosper despite the increasing popularity of smartphones, which provide Internet access without the Company’s services.

The complaint alleges that as a result of defendants' false statements, stock traded as high as $30.74 per share on November 9, 2010. On May 3, 2011, the Company announced first quarter 2011 financial results, reporting a net loss of ($6.1) million and revenue of $32.2 million. On this news, stock dropped $1.82 to close at $10.99 per share on May 4, 2011. Then, on August 9, 2011, after the Company issued its second quarter 2011 financial results, reporting a net loss of ($4.3) million and revenue of $34.6 million. On this news, stock fell 50%.

On November 7, 2011, the Court issued an order appointing the lead plaintiff and approving of lead counsel.

On December 16, 2011, the Lead Plaintiff filed an Amended Complaint for violations of the federal securities laws.

On May 11, 2012, the Lead Plaintiffs filed an Amended Complaint for violations of the federal securities laws.

On July 11, 2012, the Lead Plaintiffs filed their Second Amended Complaint for violation of the federal securities laws.

On January 17, 2013, the Court issued an Order granting the Defendants' motions to dismiss. Plaintiffs were given leave to file an amended complaint. On April 17, Plaintiffs filed their Third Amended Complaint.

On October 1, 2013, the Court issued an Order granting the Defendants' motion to dismiss with prejudice. The Clerk was directed to close this case. On October 31, 2013, the lead plaintiffs filed a Notice of Appeal. On May 3, 2016, the Ninth Circuit affirmed the decision of the District Court.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MOTR
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Washington
DOCKET #: 11-CV-01340
JUDGE: Hon. Thomas S. Zilly
DATE FILED: 08/12/2011
CLASS PERIOD START: 06/18/2010
CLASS PERIOD END: 08/09/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chapin Fitzgerald Sullivan & Bottini LLP
    550 West C Street, Suite 2000, Chapin Fitzgerald Sullivan & Bottini LLP, CA 92101
    619-241-4810 ·
  2. Hagens Berman, LLP (Seattle New/Alternate)
    1918 8th Ave., Suite 3300, Hagens Berman, LLP (Seattle New/Alternate), WA 98101
    (206) 623-7292 (206) 623-0594 ·
  3. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 11-CV-01340
JUDGE: Hon. Thomas S. Zilly
DATE FILED: 12/16/2011
CLASS PERIOD START: 06/18/2010
CLASS PERIOD END: 11/14/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date