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Case Status:    SETTLED
On or around 10/18/2016 (Date of order of final judgment)

Filing Date: November 24, 2014

According to the law firm press release, MOL Global, Inc., through its subsidiary, MOL AccessPortal Sdn. Bhd., provides e-payment solutions for online goods and services in Southeast Asia.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose to MOLG investors that: (1) MOLG was overstating the revenue and profit derived from MOLG's business and operations; (2) MOLG's actual business model could not sustain the growth trends described in the Offering Documents; (3) MOLG would not be able to report its third quarter 2014 financial results on November 21, 2014, as previously stated; and (4) as a result of the foregoing, MOLG's financial statements were materially false and misleading at all relevant times.

On October 3, 2014, MOLG filed its amended Registration Statement for the IPO, which became effective on October 8, 2014. Pursuant to the IPO, 13,500,000 ADSs were sold, consisting of 7,485,030 ADSs offered by the Company and 6,014,970 ADSs offered by certain selling shareholders of the Company, at the price to the public of $12.50 per ADS.

On November 20, 2014, prior to the opening of the market, Deutsche Bank, which had previously assisted in the Company's IPO, assumed coverage on MOL in a research note setting a "buy" recommendation and a $12.00 price target on the stock. Deutsche Bank's price objective pointed to a potential upside of 49.44% from the ADSs' previous close.

On November 20, 2014, after the market closed, little more than forty days after the Company's IPO, MOLG announced "that the Company has rescheduled the date it plans to release its third quarter 2014 financial results to Wednesday, December 3, 2014 before market opens." The Company had previously announced that it would issue the results on November 21, 2014. Shockingly, the Company also announced after the CFO had abruptly resigned "for personal reasons."

On November 21, 2014, just a day after issuing a "buy" recommendation, Deutsche Bank advised investor caution about shares in MOLG, describing MOL's sudden announcement as "potentially ominous."

On this news, shares of MOLG declined $4.77 per share, or almost 54%, to close at $4.09 per share on November 21, 2014, on unusually heavy volume. This represented a 67% decline in MOLG's ADS price from the IPO price of $12.50.

On May 8, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed a consolidated complaint on July 7. An amended and consolidated complaint was filed on October 7.

On April 8, 2016, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on May 20. On October 18, the Court issued a Final Approval Order approving the Settlement and dismissing this case.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: Malaysia

SECURITIES INFORMATION:

Ticker Symbol: MOLG
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-09357
JUDGE: Hon. William H. Pauley, III
DATE FILED: 11/24/2014
CLASS PERIOD START: 10/09/2014
CLASS PERIOD END: 11/20/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-09357
JUDGE: Hon. William H. Pauley, III
DATE FILED: 10/07/2015
CLASS PERIOD START: 10/09/2014
CLASS PERIOD END: 11/21/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kirby McInerney LLP (New York)
    825 Third Avenue, Kirby McInerney LLP (New York), NY 10022
    212.371.6600 212.371.6600 ·
No Document Title Filing Date