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Link Motion Inc. (LKM) (f/k/a NQ Mobile Inc. (NQ))

NYSE:LKM (f/k/a NYSE:NQ)

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Link Motion Inc. (f/k/a NQ Mobile Inc.) To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Link Motion Inc. (“Link Motion” or the “Company”) (NYSE:LKM) (f/k/a NQ Mobile Inc. and traded on NYSE under the ticker symbol NQ) of the April 11, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Link Motion between March 30, 2017 and February 6, 2018 and would like to discuss your legal rights, please fill out the form below.  There is no cost or obligation to you.  You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Eastern District of Texas on behalf of all those who purchased the Company’s securities between March 30, 2017 and February 6, 2018 (the “Class Period”).  The case, Chen v. NQ Mobile et al., No. 4:18-cv-00096 was filed on February 10, 2018 and has been assigned to Judge Amos Louis Mazzant III.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company was involved in certain related party transactions involving itself and Tongfang Investment Fund Series SPC (“Tongfang”); (2) due to the related parties involved in the transactions, the Company agreed to consideration in the form of a note with a high likelihood of default; (3) the Company did not fully disclose the interest of its Chairman and Chief Operating Officer, Vincent Wenyong Shi, in the transactions; and (4) as a result, the Company’s statements about its business, operations and prospects were materially false and misleading.

On February 6, 2018, SeekingAlpha.com published a report revealing undisclosed related party transactions between the Company and Tongfang.  Specifically, the report stated, “[o]ur research leads us to believe that Tongfang is controlled by [NQ Mobile] insiders and therefore [NQ Mobile] sold [FL Mobile Jiutian Technology Co., Ltd.] and [Beijing Showself Technology Co., Ltd] to insiders.”

Following the report, the Company’s share price fell from $2.98 per share on February 5, 2018 to a closing price of $1.68 on February 6, 2018—a $1.30 or a 43.62% drop.

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  • Case:
    Link Motion Inc. (LKM) (f/k/a NQ Mobile Inc. (NQ))
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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 02/12/2018

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