Case Page

 

Case Status:    SETTLED
On or around 08/01/2017 (Date of order of distribution of settlement)

Filing Date: October 25, 2013

According to the filed Complaint, NQ is a global provider of mobile Internet services. NQ’s portfolio includes mobile
security and mobile games as well as advertising for the consumer market and consulting, mobile platforms and mobility services for the enterprise market.

The Complaint states that NQ’s initial public offering was on or about May 5, 2011. On September 20, 2013, NQ announced that its third quarter 2013 profits would be between $50-$51 million. On October 7, 2013, NQ announced that it granted up to $150,000,000 in convertible senior notes due in 2018 to Morgan Stanley & Co. International PLC and Deutsche Bank Securities, Inc., who was closely monitoring them. On October 24, 2013, it was reported by a securities brokerage firm (Muddy Waters) that: (a) NQ is a massive fraud. At least 72% of NQ’s purported 2012 China security revenue is factitious. NQ’s largest customer by far is really NQ. Their research estimates that NQ’s real market share in China is only about 1.5% versus the approximately 55% it reports. It did estimate that its China paying user base is less than 250,000 versus the six million NQ claims.

On October 24, 2013, NQ, which is listed on the NYSE, opened at $23.00 and closed at $12.09. Stock trading had been halted.

On October 23, 2015, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved on November 17. On March 11, 2016, the Court granted final approval of the Settlement and dismissed this case.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: NQ
Company Market: New York SE
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: S.D. New York
DOCKET #: 13-CV-12712
JUDGE: Hon. Rya W. Zobel
DATE FILED: 10/25/2013
CLASS PERIOD START: 05/05/2011
CLASS PERIOD END: 10/24/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Evans J. Carter, P.C.
    P.O. Box 812 , Evans J. Carter, P.C., MA 01701
    508.875.1669 508.875.1449 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 13-CV-07608
JUDGE: Hon. Rya W. Zobel
DATE FILED: 10/24/2014
CLASS PERIOD START: 03/06/2013
CLASS PERIOD END: 07/03/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brower Piven (Stevenson)
    1925 Old Valley Road, Brower Piven (Stevenson), MD 21153
    (410) 332-0030 (410) 685-1300 · piven@abrowerpiven.com
  2. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
  3. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date