Case Page

 

Case Status:    SETTLED
On or around 05/25/2017 (Settlement preliminarily approval)

Filing Date: June 20, 2014

According to the law firm press release, certain CMGE officers and directors and underwriters, failed to disclose and/or materially misstated CMGE's true financial condition. Specifically, Defendants made false and misleading statements and/or failed to disclose that CMGE was engaged in a bribery scheme within the Company's game publishing business, that CMGE was engaged in undisclosed related party transactions, and that CMGE lacked internal controls.

The complaint alleges that on June 19, 2014 the price of CMGE shares fell $4.27/share to $14.63/share before being halted by the NASDAQ on news reports that CMGE had removed nine executives, including the Company's President in connection with the alleged bribery. Chinese internet news media reported that the misconduct also involved undisclosed related party transactions with CMGE. As a result of this adverse information, CMGE investors were damaged.

On November 20, 2014, the Court appointed lead plaintiff and approved lead counsel. Lead plaintiff filed a consolidated complaint on February 2, 2015.

On March 7, 2016, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended complaint.

A second consolidated and amended complaint was filed on July 18.

The parties filed a Stipulation of Settlement on May 22, 2017. The Settlement was preliminarily approved on May 25.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CMGE
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: S.D. New York
DOCKET #: 14-CV-04471
JUDGE: Hon. Kimba M. Wood
DATE FILED: 06/20/2014
CLASS PERIOD START: 06/20/2012
CLASS PERIOD END: 06/19/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-04471
JUDGE: Hon. Kimba M. Wood
DATE FILED: 02/02/2015
CLASS PERIOD START: 04/26/2013
CLASS PERIOD END: 01/14/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date