CASES
Motricity, Inc.
Class Period: Jun 18, 2010 to Aug 9, 2011
Lead Plaintiff Deadline: Oct 11, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Motricity, Inc. ("Motricity" or the "Company") on behalf of all who purchased or otherwise acquired Motricity common stock between June 18, 2010 to August 9, 2011 and/or who acquired shares of Motricity common stock pursuant or traceable to the Company's false and misleading Registration Statement and Prospectus issued in connection with its June 17, 2010 initial public offering ("IPO"). This case has been filed in the USDC - Washington (Western).
The Complaint alleges that During the Class Period, defendants issued materially false and misleading statements regarding the Company's business practices and financial results. Specifically, defendants failed to disclose negative trends in Motricity's business, including with Motricity's most important customers. As a result of defendants' false statements, Motricity stock traded at artificially inflated prices during the Class Period, reaching a high of $30.74 per share on November 9, 2010. As a result of defendants' false statements, Motricity's stock traded at inflated levels during the Class Period. However, after the revelations seeped into the market, the Company's shares were hammered by massive sales, sending them down over 92% from their Class Period high.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.