INVESTOR ALERT: Investigation of Sungy Mobile Limited Announced by Glancy Binkow & Goldberg LLP
Glancy Binkow & Goldberg LLP 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 the Company’s operations and financial performance.
Please contact Lesley Portnoy at (888) 773-9224 or (310) 201-9150, or at firstname.lastname@example.org to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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 November 2013, the Company held its initial public offering of 7 million American Depositary Shares (“ADSs”) 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 – less than one year after its IPO – that the Company’s chief financial officer, Winston Li, has resigned, effective August 31, 2014. According to the Company, Mr. Li tendered his resignation “due to personal reasons.”
The Company further announced disappointing earnings for the second quarter ended June 30, 2014. The Company reported second quarter earnings of RMB 0.58 per share, which is RMB 0.26 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 more than 20%, or $2.10 per share, to $8.26 per share in after-hours trading on August 27, 2014.
If you purchased Sungy Mobile shares, if you have information or would like to learn more about these claims and have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by toll-free telephone at (888) 773-9224 or by telephone at (310) 201-9150, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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