Firms spent Rs 28,000 cr towards CSR works in nearly 3 years

Corporates have spent more than Rs 28,000 crore towards social welfare activities in nearly three years of CSR norms coming into force, latest official data showed. The requirement for certain class of profitable entities to spend a certain amount on Corporate Social Responsibility (CSR) works came into effect from April 1, 2014 as part of the new Companies Act.

An analysis of data compiled by the corporate affairs ministry showed that a total amount of Rs 28,111.63 crore has been spent on CSR activities by eligible companies during the period from April 1, 2014 to November 30, 2017. In the current fiscal till November 30, a total of Rs 4,719 crore was spent while the total money shelled out towards CSR works touched a high of Rs 13,827.86 crore in 2015-16.

During the first year of CSR norms implementation — 2014 -15 period — the total expenditure stood at Rs 9,564.77 crore. Out of the total amount, more than 70 per cent came from private sector companies. These entities’ share is Rs 19,948.86 crore during the period from April 1, 2014 to November 30, 2017.

Health/ eradicating hunger/ poverty and malnutrition/ safe drinking water/ sanitation; education/ differently abled/ livelihood; rural development; Swachh Bharat Kosh; Clean Ganga Fund and gender equality/ women empowerment/ old age homes/ reducing inequalities are among the areas where the CSR money has been spent.

As per the law, eligible profitable companies have to shell out at least two per cent of their three-year average annual net profit towards CSR activities and in case of non- expenditure, the same has to be explained to the ministry. Among other requirements, each eligible company has to set up a CSR committee of its board. The latter would formulate the CSR policy as well as monitor its implementation.

In case of failure to spend the required amount in a particular fiscal, the same has to be mentioned in the board’s report along with reasons. Last month, the ministry informed the Rajya Sabha that penal action was to be initiated against 196 companies for violating CSR norms in financial year 2014-15.

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Firms find uncanny consistency in $1,000 ‘Trump tax’ staff bonus  

Consider Alaska Air Group Inc. The company could save as much as $135m next year from the change in the tax law, which reduced the corporate income rate to 21pc from 35pc.

As a result, in early January, the company said it was paying its employees a $1,000 bonus. Lowe’s Companies, on the other hand, by the same math could save more than $700m a year from the tax change. On Thursday, it became the latest large company to announce what it would do with its savings: Pay its employees a – you guessed it – one-time $1,000 bonus.

Lowe’s has 290,000 employees, and Alaska Air has 22,000, so the cost of their bonuses will be different. But still, the similarity is odd given that their tax math is most likely vastly different, particularly given how similar it is to what other companies have been announcing.

Of the 51 companies in the S&P 500 that have detailed how they will spend their tax windfall, 23 have announced $1,000 one-time bonuses. Just four have said they will hire more workers.

It’s not clear why $1,000 became the going rate. Some observers have pointed to Gary Cohn. In late September, Cohn, one of the president’s chief economic advisers, in trying to sell the tax cut, said that an average family could expect to see additional income of $1,000 from the president’s tax plan.

Cohn was mocked for saying that they could use the money to “renovate their kitchen, or buy a new car”.

Cohn appears to have been talking about tax savings, not wage increases. Nonetheless, companies could be rushing in to fill the void, effectively proving the administration correct and winning points with Trump.

Monopolistic

Another answer could be that companies are paying bonuses because they are worried that if they don’t they may lose employees to others that do. If that’s the case, the similar bonuses could be signalling that the labour market is a lot tighter than many think it is, or perhaps more monopolistic than we like to admit.

But the companies announcing the bonuses range from banks to retailers to railroads. Those companies most likely pay different wages to start with and require a different skill sets from their employees. Still, Home Depot, Lowe’s and Walmart, all $1,000 bonus payers, may have reason for concern.

Perhaps the best answer is a giant case of what economists call anchoring. In mid-December, AT&T became the first big company out of the gate with its tax plans, which was a one-time $1,000 bonus to 200,000 employees.

Despite the added cost, AT&T’s shares rose that day and the next, which may have signalled that $1,000 was the sweet spot for employees and investors.

And so other companies either consciously or not followed suit, even though the total cost of those bonuses will be different and most likely don’t reflect the actual impact of the tax law.

Then again, maybe $1,000 just rolls trippingly off the tongue and into Trump’s good graces. (© Bloomberg)

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ballard Power Systems, Inc. of Class Action Lawsuit and Upcoming Deadline – BLDP

Feb 10, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / February 10, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against Ballard Power Systems, Inc. (”Ballard” or the ”Company”)

BLDP, +0.32%

and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 18-cv-01137, is on behalf of a class consisting of investors who purchased or otherwise acquired Ballard securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Ballard securities between September 30, 2016, and January 25, 2018, both dates inclusive, you have until March 28, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here to join this class action]

Ballard designs, develops, manufactures, sells and service hydrogen fuel cells for a range of applications. The Company’s products and services are used in many industries such as materials handling, residential cogeneration, backup power and transportation. Ballard has represented to investors that the Company has been deploying its technologies in various parts of China, in conjunction with local partners Broad Ocean and Synergy JV.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated the operations of its China-based partners Broad Ocean and Synergy JV; (ii) Ballard’s technologies had not been deployed in China to the extent the Company had represented; and (iii) as a result of the foregoing, Ballard shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.

On January 25, 2018, Spruce Point Capital Management reported that Ballard overstated the operations of its China-based partners Broad Ocean and Synergy JV. In part, the Spruce Point report asserted that ”there are no demonstration lines operating in Guangdong and that no bus lines are in service in Sanshui or Yunfu.” The report continued to state that ”Ballard and local press releases indicate that [Broad Ocean customer] Foshan has produced 114 FCV buses… [but] a Foshan employee claimed that far fewer buses have been produced to date and only 11 are licensed.”

Following this news, Ballard’s share price fell $0.52, or over 13%, to close at $3.27 on January 25, 2018.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Super Micro Computer, Inc. of Class Action Lawsuit and Upcoming Deadline – SMCI

Feb 10, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / February 10, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against Super Micro Computer, Inc. (“Super Micro” or the “Company”)

SMCI, +1.34%

and certain of its officers. The class action, filed in United States District Court, for the Northern District of California, and docketed under 18-cv-00838, is on behalf of a class consisting of investors who purchased or otherwise acquired Super Micro securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Super Micro securities between January 27, 2017, and January 30, 2018, both dates inclusive, you have until April 9, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here to join this class action]

Super Micro Computer, Inc. designs, develops, manufactures and sells server solutions based on modular and open-standard architecture. The Company’s products include servers, motherboards, chassis, and accessories.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Super Micro’s financial statements contained accounting errors, including errors with respect to one of the Company’s sales transactions; (ii) as such, the Company’s internal controls were not effective; (iii) Super Micro lacked the capability to timely review and assess the impact of the foregoing issues; and (iv) as a result, Super Micro’s public statements were materially false and misleading at all relevant times.

On August 29, 2017, post-market, Super Micro filed a Notice of Late Filing with the SEC, reporting that the Company “is not in a position to file its Form 10-K for fiscal year ended June 30, 2017 (the ‘Form 10-K’), in a timely manner because the Registrant cannot complete the Form 10-K in a timely manner without unreasonable effort or expense” and that “[a]dditional time is needed for the Company to compile and analyze certain information and documentation and complete preparation of its financial statements.”

On this news, Super Micro’s share price fell $1.35, or 4.96%, to close at $25.85 on August 30, 2017.

Then, on October 26, 2017, post-market, Super Micro reaffirmed its delay in filing the 10-K, stating that “[i]n connection with the in-process audit of the Company’s financial results for the year ended June 30, 2017, a sales transaction was subject to additional inquiry and review.” Super Micro advised investors that the transaction at issue “was originally recorded as revenue during the quarter ended December 31, 2016. However, prior to review by the Company’s independent auditors and prior to the Company’ public announcement of its results for the quarter, the recognition of revenue was reversed and the revenue was subsequently recognized in the quarter ended March 31, 2017.”

On this news, Super Micro’s share price fell $1.23, or 5.65%, to close at $20.48 on October 27, 2017.

On January 30, 2018, post-market, Super Micro announced that the Company’s “Audit Committee has completed the previously disclosed investigation,” and that “[a]dditional time is required to analyze the impact, if any, of the results of the investigation on the Company’s historical financial statements, as well as to conduct additional reviews before the Company will be able to finalize its Annual Report on Form 10-K for the fiscal year ended June 30, 2017.” Super Micro also announced the resignations of three executives: Wally Liaw, Senior Vice President of International Sales; Phidias Chou, Senior Vice President of Worldwide Sales; and Howard Hideshima, Senior Vice President and Chief Financial Officer (“CFO”).

Following this news, Super Micro’s share price fell $1.83, or 7.4%, to close at $22.83 on January 31, 2018.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in MetLife, Inc. of Class Action Lawsuit and Upcoming Deadline – MET

Feb 10, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / February 10, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against MetLife, Inc. (”MetLife” or the ”Company”)

MET, +0.75%

and certain of its officers. The class action, filed in United States District Court, for the Eastern District of New York, is on behalf of a class consisting of investors who purchased or otherwise acquired MetLife securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased MetLife securities between February 27, 2013, and January 29, 2018, both dates inclusive, you have until April 6, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here to join this class action]

MetLife provides life insurance, annuities, employee benefits, and asset management products in the United States and internationally.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) MetLifes practices and procedures used to estimate its reserves set aside for annuity and pension payments were inadequate; (2) MetLife had inadequate internal controls over financial reporting; and (3) as a result, Defendants’ statements about MetLife’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On December 15, 2017, during aftermarket hours, the Company filed a Form 8-K with the Securities and Exchange Commission (”SEC”), announcing that the Company had been unable to locate some of the Company’s annuitant population and planned to provide an update upon the filing of MetLife’s Form 10-K for the year ending December 31, 2017.

On December 15, 2017, the Wall Street Journal published an article entitled ”MetLife Discloses Failure to Pay Thousands of Workers’ Pensions” which discussed the extent and duration of MetLife’s failure to pay pension benefits.

On this news, shares of MetLife fell $0.62 per share, or over 1.2%, over the following two trading days to close at $50.79 per share on December 19, 2017, damaging investors.

On January 29, 2018, MetLife issued a press release entitled ”MetLife Preannounces Preliminary Fourth Quarter 2017 Earnings, Reschedules Earnings Release and Conference Call,” which announced that MetLife would reschedule its earnings releases and conference calls for the fourth quarter of and full year 2017, that the Company had identified material weaknesses in its internal controls, that the Company would have to revise certain of its prior financial statements, and that the SEC and New York Department of Financial Services had made inquiries to MetLife with respect to the foregoing issues.

On this news, shares of MetLife fell $6.28 per share or over 11.6% over the next two trading days to close at $47.67 per share on January 31, 2018, damaging investors.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

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Oman bourse delists 21 closely-held firms from third market

Muscat: Omani bourse delisted 21 closely-held companies from the third market, which are either bankrupt or liquidated.

“These companies are tiny firms, which are not in existence now,” said a top-level official at the Muscat Securities Market (MSM). The capital of these companies has also eroded.

The market authorities occasionally remove such companies from listed companies in the third market.

According to date released by the National Centre for Statistics and Information, there was a 38.9 per cent fall in new small and medium enterprises (SMEs) in 2017 at 8.614 units, against 14,103 new units in the previous year. Among various governorates, Muscat witnessed a 15 per cent decline at 3,124 new units, against 3,675 units in 2016, while the fall in new firms in Al Batinah North was 39.6 per cent at 1,282 units. Likewise, Al Batinah South witnessed a 20 per cent fall in new SMEs at 771 units.

The companies that were delisted by the Muscat bourse include Local Tents Factory, Roaya Advertising, Roaya Publishing, Al Jabel Akhdar Hotels & Tourism, Faiq Commerce & Advertising Agency, National Company for Industry & Commerce, Global Insurance Brokerage Co, National Omani Marine, Sraya Oman Holding, Oman National Dairy Products, National Information Technology and Muscat Real Estate Development.

The Muscat Securities Market has around 130 publically listed companies, but less than fifty shares are traded on a daily basis. The daily average market turnover hovers around OMR3-5 million. Meanwhile, an Oman News Agency report said that the number of new Omani closed joint stock companies established during last year reached 24 with an issued capital of OMR46.63 million.

Abdullah bin Salim Al Araimi, Director of the Audit and Supervision Department of Commercial Establishments at the Ministry of Commerce and Industry, confirmed that the total number of Omani completely registered closed joint-stock companies increased from 340 companies with issued capital amounting to OMR8,363.6 million by end-2016 to 362 companies with issued capital amounting to OMR8,397.9 million until the end of last year, which are divided between commercial, service and industrial activities . He pointed out that this rise is due to the improvement of the working environment and stability of the investment climate in the Sultanate.

The number of companies which are coming under the law of foreign capital investment increased to 8,811 by the end of 2017 from 7,992 in the previous year. The total capital of these companies amounted to OMR3,642.9 million by end-2017, from OMR3,486.2 million for the same period of 2016, said Abdullah bin Salim Al Araimi.

About 427 companies coming under the law of foreign capital investment were audited. Procedures for foreign investors to 360 companies subject to the law of foreign capital investment were completed and they were granted permanent investor residence.

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SHAREHOLDER ALERT:Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Capitala Finance Corporation of Class Action Lawsuit and Upcoming Deadline

NEW YORK, Feb 10, 2018 (BUSINESS WIRE) —
Pomerantz LLP announces that a class action lawsuit has been filed
against Capitala Finance Corporation (“Capitala” or the “Company”)

CPTA, -1.74%

and certain of its officers. The class action, filed in
United States District Court, for the Central District of California,
Western Division, and docketed under 18-cv-00052, is on behalf of a
class consisting of investors who purchased or otherwise acquired
Capitala securities, seeking to recover compensable damages caused by
defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Capitala securities between
January 4, 2016, and August 7, 2017, both dates inclusive, you have
until February 26, 2018, to ask the Court to appoint you as Lead
Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and the number of shares purchased.

[Click
here to join this class action]

Capitala Finance Corporation is a business development company that
invests primarily in first and second liens, subordinated debt and, to a
lesser extent, equity securities issued by lower and traditional
middle-market companies.

Capitala Investment Advisors, LLC (“Capitala Investment Advisors”)
manages the Company’s investment activities. The Company’s Board of
Directors supervises the Company’s investment activities. The Company’s
executive officers are part of Capitala Investment Advisors’ management
team.

Under the Company’s investment advisory agreement with Capitala
Investment Advisors (the “Investment Advisory Agreement”), the Company
pays Capitala Investment Advisors an annual base management fee based on
the Company’s gross assets as well as an incentive fee based on the
Company’s performance.

On January 4, 2016, the Company announced that Capitala Investment
Advisors agreed to voluntarily waive its quarterly incentive fee.

The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose that:
(i) Capitala Investment Advisors had been losing professional talent in
both underwriting and portfolio management due to the waiving of its
incentive fee; (ii) such loss of talent negatively impacted the quality
of the Company’s investment portfolio; and (iii) as a result, Capitala’s
public statements were materially false and misleading at all relevant
times.

On August 7, 2017, the Company revealed during aftermarket hours that
six of its investments were on non-accrual status—twice as many as in
the previous quarter.

On August 8, 2017, the Company’s Chief Executive Officer Joseph B. Alala
III revealed that Capitala Investment Advisors had been losing
professional talent in underwriting and portfolio management since
waiving its incentive fee, which resulted in a rising number of
nonaccrual investments.

On this news, shares of the Company fell $3.82 per share, or
approximately 30%, over the next three trading days to close at $8.99
per share on August 10, 2017, damaging investors.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and
Paris, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com

View source version on businesswire.com: http://www.businesswire.com/news/home/20180210005032/en/

SOURCE: Pomerantz LLP

Pomerantz LLP
Robert S. Willoughby, 888-476-6529 Ext. 9980
rswilloughby@pomlaw.com

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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Lululemon Athletics Inc. – LULU

Feb 10, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / February 10, 2018 / Pomerantz LLP is investigating claims on behalf of investors of Lululemon Athletics Inc. (“Lululemon” or the “Company”)

LULU, +0.63%

Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Lululemon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here to join a class action]

On February 5, 2018, Lululemon announced the resignation of its Chief Executive Officer Laurent Potdevin, effective immediately. The Company stated that it “expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct.” Following this announcement, Lululemon’s share price has fallen sharply during intraday trading on February 6, 2018.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of NQ Mobile Inc. – NQ

Feb 10, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / February 10, 2018 / Pomerantz LLP is investigating claims on behalf of investors of NQ Mobile Inc. (“NQ” or the “Company”)

NQ, +5.76%

Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether NQ and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here to join a class action]

On February 6, 2018, Rota Fortunae published a report on the website Seeking Alpha entitled “NQ Mobile: Undisclosed Transfer Of Subsidiaries To Chairman Introduces Significant Risks – Price Target $0.” Citing a review of Chinese corporate records, the report’s author concluded that “insiders control Tongfang Investment Fund, the firm that recently acquired NQ’s mobile gaming and video businesses” and stated that “[o]ur research leads us to doubt every aspect of the transaction, including the cash payments and the $270 million note receivable, which together represents over 100% of NQ’s market cap.”

On this news, NQ Mobile’s American Depositary Receipt price fell $1.30, or 43.6%, to close at $1.68 on February 6, 2018.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

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