Motricity Inc. is an American company that provides mobile content services to the wireless industry.

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.