|[February 14, 2014]
Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Montage Technology Group Limited
SAN DIEGO --(Business Wire)--
Geller Rudman & Dowd LLP ("Robbins Geller") (http://www.rgrdlaw.com/cases/montage/)
today announced that a class action has been commenced in the United
States District Court for the Northern District of California on behalf
of purchasers of Montage Technology Group Limited ("Montage")
(NASDAQ:MONT) publicly traded securities during the period between
September 26, 2013 and February 6, 2014 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from February 7, 2014. If you wish to discuss this action
or have any questions concerning this notice or your rights or
interests, please contact plaintiff's counsel, Darren
Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via
e-mail at email@example.com. If you
are a member of this class, you can view a copy of the complaint as
filed or join this class action online at http://www.rgrdlaw.com/cases/montage/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges Montage and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. Montage is a
global fabless provider of analog and mixed-signal semiconductor
solutions addressing the home entertainment and cloud computing markets.
The complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding the Company's
operations and business and its financial results. As a result of
defendants' false statements, Montage's securities traded at
artificially inflated prices during the Class Period, with its stock
price reaching a high of $25.63 per share on January 17, 2014. While
Montage's stock price was artificially inflated, the Company was able to
complete a follow-on public offering of 5,350,000 ordinary shares at a
price of $21 per share.
On February 6, 2014, Gravity Research Group published a report
contending that Montage had greatly exaggerated its true financial
performance, asserting that one of Montage's largest distributors, LQW
Technology Company Limited, was a shell company used to fabricate
Montage's financial results. Additionally, the report stated that the
Company's largest "end" customer was an undisclosed related party. As a
result of this news, Montage's stock price fell to as low as $14.51 per
share before closing at $17.45 per share on February 6, 2014, a one day
decline of nearly 18% and a decline of nearly 32% from its Class Period
Plaintiff seeks to recover damages on behalf of all purchasers of
Montage publicly traded securities during the Class Period (the
"Class"). The plaintiff is represented by Robbins Geller, which has
expertise in prosecuting investor class actions and extensive experience
in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors
in contingency-based securities and corporate litigation. With nearly
200 lawyers in ten offices, the firm represents hundreds of public and
multi-employer pension funds with combined assets under management in
excess of $2 trillion. The firm has obtained many of the largest
recoveries in history and has been ranked number one in the number of
shareholder class action recoveries in MSCI's Top SCAS 50 every
year since 2003. Please visit http://www.rgrdlaw.com
for more information.
[ Back To TMCnet.com's Homepage ]