Scott+Scott Attorneys at Law LLP Reminds Investors of April 11 Lead Plaintiff Deadline in Securities Class Action Against NQ Mobile (LKM)

NEW YORK, March 15, 2018 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, reminds investors that a class action lawsuit has been filed against NQ Mobile Inc. (NYSE: LKM; formerly NQ) ("NQ Mobile" or the "Company") and other defendants, related to alleged violations of federal securities laws.  If you purchased NQ Mobile American Depository Shares ("ADS") between March 30, 2017 and February 6, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for additional information.

Effective March 14, 2018, NQ Mobile changed its corporate name to Link Motion Inc. and now trades its ADS under the ticker "LKM."

The lawsuit claims that defendants made materially false and/or misleading statements about NQ Mobile's business, operations and prospects and/or failed to disclose: (1) related party transactions involving NQ Mobile and Tongfang Investment Fund Series SPC ("Tongfang"); (2) due to the related parties involved in the transactions, NQ Mobile agreed to consideration in the form of a note with a high likelihood of default; and (3) Company Chairman Vincent Wenyong Shi's interest in the Transaction was not fully disclosed.

On February 6, 2018, Seeking Alpha published an article entitled "NQ Mobile: Undisclosed Transfer Of Subsidiaries To Chairman Introduces Significant Risks ? Price Target $0," which asserted that Chinese corporate records lead them to believe that insiders control Tongfang.  The article further stated that NQ Mobile is likely to default when its convertible debt comes due in October 2018.

On this news, the price of NQ Mobile ADS fell $1.30, over 43%, to close at $1.68 on February 6, 2018.

What You Can Do

If you purchased NQ Mobile ADS between March 30, 2017 and February 6, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at [email protected].  Investors have until April 11, 2018, to move for lead plaintiff status.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.  The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

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CONTACT:

Rhiana Swartz
Scott+Scott Attorneys at Law LLP 
230 Park Ave, 17 Fl, NY, NY 10169-1820
(844) 818-6980
[email protected]

SOURCE Scott+Scott, Attorneys at Law, LLP