SHAREHOLDER ALERT: Investigation on Behalf of Sungy Mobile Limited Investors Announced by Law Offices of Howard G. Smith
02 Setembro 2014 - 11:32AM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims on behalf of investors of Sungy
Mobile Limited (“Sungy Mobile” or the “Company”) (NASDAQ:GOMO)
concerning possible violations of federal securities laws. The
investigation focuses on certain statements issued by Sungy Mobile
concerning the Company’s operations and financial performance.
Sungy Mobile provides mobile Internet products and services that
focus on applications and mobile platform development in the
People’s Republic of China and internationally. In the Company’s
November 2013 initial public offering, Sungy Mobile offered 7
million American Depositary Shares (“ADS”) at $11.22 per ADS, with
each ADS representing six Class A ordinary shares of the
Company.
The investigation is related to the Company’s August 27, 2014,
announcement of its second quarter 2014 financial results, and that
Sungy Mobile’s chief financial officer has resigned. According to
the Company, “Mr. Winston Li has tendered his resignation as the
chief financial officer of the Company, effective on August 31,
2014, due to personal reasons.” The announcement of the CFO’s
resignation follows Sungy Mobile’s IPO by less than one year.
For second quarter 2014, the Company reported per-share earnings
of RMB 0.58 − below the Capital IQ Consensus Estimate of RMB
0.84 − and also issued downside guidance for the third
quarter, in the range of RMB 90-95 million versus the Capital IQ
Consensus Estimate of RMB 116.66 million. Following this news,
Sungy Mobile stock dropped nearly 19%, or $1.96 per share, to a
closing price of $8.44 per share on August 28, 2014.
If you purchased Sungy Mobile shares, if you have information or
would like to learn more about these claims, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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