In the News

Haeggquist & Eck, LLP has commenced an investigation into claims on behalf of purchasers of  NQ Mobile Inc. (NYSE: NQ) (“NQ or the “Company”) securities concerning potential violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 by Company offices and directors during the period between May 5, 2011, through May 2, 2013 (the “Class Period.”)

Zeldes Haeggquist & Eck’s investigation concerns whether NQ issued materially false and misleading statements regarding the Company’s business and financial prospects during the Class Period and in connection with the Company’s May 5, 2011, initial public offering (“IPO”).

Founded in 2005 and headquartered in Beijing, PRC, NQ provides various mobile Internet services.  The company was formerly known as NetQin Mobile Inc. and changed its name to NQ Mobile Inc. in April 2012.

On May 5, 2011, NQ conducted its IPO of American Depositary Shares (NYSE: NQ).   The shares were priced at $11.50 per share.  Following the IPO, and during the Class Period, NQ share prices increased significantly, climbing to nearly $25 per share in October 2013.

Then, on October 24, 2013, equity research firm Muddy Waters LLC initiated coverage on NQ with a “Strong Sell” rating and a projected target price of less than $1.  Among other things, Muddy Waters’ research report states: (i) at least 72% of NQ’s reported $32.2 million in 2012 China security software revenue is fraudulent, NQ’s real security revenue was $2.5 million to $7.7 million; (ii) NQ’s largest customer is actually an empty shell company controlled by NQ; (iii) NQ’s real market share in China is only about 1.4%, versus the approximately 55% it reports; (iv) NQ’s international revenues are wildly overstated; and (v) the vast majority of the $127.9 million cash and investments NQ reported having as of December 31, 2012, is not actually in the Company’s accounts.

Upon the release of this information, on October 24, 2013, NQ shares declined 47% to $12.09 per share from $22.88 per share, on unusually heavy volume of 29.3 million shares traded.

To schedule your free initial consultation, contact us online or call (619) 342-8000 today!

On June 5, 2013, Zeldes Haeggquist & Eck, LLP filed a securities class action lawsuit against CenturyLink, Inc.

CenturyLink is the third-largest telecommunications services provider in the United States.  On February 13, 2013, the Company announced weaker than expected financial results. The Company also announced a new capital allocation initiative, under which the Company authorized the repurchase of up to $2.0 billion of the Company’s outstanding common stock.  At the same time, the Company announced a plan to reduce the Company’s quarterly cash dividend rate from $0.725 to $0.54 per share.

On this news, the price of CenturyLink stock dropped from $41.69 on February 13, 2013, to close at $32.27 on February 14, 2013.  We are investigating whether statements made by CenturyLink to the investing public in connection with the above were materially false and misleading at the time they were made.

If you are a CenturyLink shareholder who purchased CenturyLink common stock between August 8, 2012, and February 14, 2013, you may have claims under the securities laws. If you wish to discuss this investigation or have questions about this notice or your legal rights, please contact attorney Amber L. Eck at (619) 342-8000, or by email. There is no cost to you.

To schedule your free initial consultation, contact us online or call (619) 342-8000 today!

Haeggquist & Eck, LLP has commenced an investigation into Ventrus Biosciences, Inc. (“Ventrus”), to determine whether it has violated securities laws by issuing false and misleading statements to its shareholders.

Ventrus is a specialty pharmaceutical company that focuses on the development of prescription drugs for gastrointestinal disorders.  On June 25, 2012, Ventrus announced the results of its Phase 3 placebo-controlled trial of its experimental drug iferanserin, also known as VEN 309.  The trial results showed that VEN 309 failed to demonstrate an improvement in therapy in patients with hemorrhoidal disease, and Ventrus announced that had no immediate plans to continue the development of VEN 309.

Upon this announcement, the price of Ventrus stock declined from as high as $12.26 per share on June 22, 2012, to as low as $4.27 on June 29, 2012, and continued to decline to as low as $2.06 per share on November 13, 2012.

Our investigation focuses on whether statements made by Ventrus to the investing public regarding the effectiveness and commercial prospects for VEN 309 were materially false and misleading at the time they were made.

If you are a Ventrus Biosciences, Inc. shareholder who purchased Ventrus common stock between December 17, 2010, and June 22, 2012, you may have claims under the securities laws.  If you wish to discuss this investigation or have questions about this notice or your legal rights, please contact attorney Amber L. Eck at (619) 342-8000.

To schedule your free initial consultation, contact us online or call (619) 342-8000 today!

The New York Daily News on Monday reported on the Trump University class-action lawsuit filed by Zeldes & Haeggquist LLP, as well as investigations by state attorneys general and complaints to the Better Business bureau involving Trump University.  According to the article by Doug Feiden, Trump University and Trump Institute have been deluged by complaints from more than 150 students in at least 22 states claiming they’ve been cheated out of tens of thousands of dollars.  These students include dozens of retirees, veterans, laid-off workers and seniors living on fixed incomes.

Trump University received a D-minus rating from the Better Business Bureau in January, which is under review after Trump University objected. Trump Institute got an F in early 2009.  After the New York Department of Education demanded Trump University stop calling itself a “university,” it changed its name to the “Trump Entrepreneur Initiative LLC” on Tuesday.

Zeldes & Haeggquist client and former New York teacher Patricia Murphy, who spent $15,000 on Trump seminars is quoted in the Daily News article stating:  ”I took out most of my life’s savings … maxed out my credit cards and badly damaged my credit rating.  What do I have to show for it? Big bills, interest payments, finance charges – an awful lot of stress.”

According to the investigation by the New York Daily News, attorneys general in six states and several Business Bureaus have received numerous complaints, and some are initiating investigations:

– In January, Texas Attorney General Greg Abbott launched a probe of Trump University’s “possibly deceptive” advertising and business practices after getting two dozen complaints.

– Florida Attorney General Bill McCollum’s office is “reviewing” 20 complaints from people who paid up to $35,000 for various “Trump Elite” packages promising “priceless information” that never came.

– Better Business Bureaus have tracked at least 70 allegations of deceptive practices from Brooklyn to Honolulu. Those include complaints by students that they were pressured to max out credit cards.

“The complaint alleges, and the facts will show that the purpose of each seminar is not to teach students about real estate investing, but to convince them to buy additional Trump seminars,” said Amber Eck, a partner in the San Diego-based law firm Zeldes & Haeggquist LLP.

Here is a link to the New York Daily News article – http://www.nydailynews.com/news/2010/05/31/2010-05-31_trump_u_flunks_students_complaints_pile_up_from_those_who_paid_up_to_30g_say_the.html

To schedule your free initial consultation, contact us online or call (619) 342-8000 today!