MOL Global Securities Settlement
KM was lead counsel on behalf of Lembaga Tabung Amanah Pekerja in a securities class action on behalf of all persons and entities who purchased or otherwise acquired MOL Global, Inc. (“MOL”) American Depositary Shares (“ADS”) during the period from October 9, 2014 through November 21, 2014, inclusive (the “Class Period”), and were damaged thereby.
MOL conducted its initial public offering (“IPO”) on October 9, 2014. In connection with the IPO, MOL filed a final prospectus with the United States Securities and Exchange Commission that became effective on October 9, 2014 and sold 13.5 million MOL ADS at a price of $12.50 per ADS. The second Consolidated Class Action Complaint, filed on October 7, 2015 (the “CAC”), alleged that in violation of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, the IPO Offering Documents materially misrepresented: (i) MOL’s revenue during 2013 and the first half of 2014; (ii) the revenue recognition policies underlying such revenues; and (iii) material weaknesses in MOL’s internal controls. The CAC also alleged that the Offering Documents omitted to disclose MOL's disappointing financial results for the third quarter of 2014.
This case resulted in a settlement of $8.5 million for the class.
For further information, please visit the settlement website at www.molglobalsecuritieslitigation.com.