Motricity, Inc. (MOTR) Securities Litigation
Gilman Law LLP announces that a lawsuit seeking class action status has been filed in the United States District Court for the Western District of Washington, Seattle on behalf of the purchasers of Motricity, Inc. (“Motricity” or the “Company”) (NASDAQ: MOTR) for potential violations of Federal Securities laws, including allegations of issuing false and misleading statements to investors.
If who purchased or otherwise acquired MOTR shares between June 18, 2010 and August 9, 2011, inclusive (the “Class Period”), and either lost money on the transaction or still hold the shares, you may contact Gilman and Pastor by no later than October 15, 2011 to discuss your rights, including as to the recovery of your losses, or to obtain additional information, at www.investment-losses.com, by email at firstname.lastname@example.org or by calling toll-free (888)252-0048.
The Complaint alleges that during the Class Period, Motricity issued materially false and misleading statements regarding the Company’s business practices and financial results. Specifically, Motricity failed to disclose negative trends in Motricity’s business such as the increasing popularity of smartphones, which provide internet access without the use of Motricity’s services. As a result of the Company’s misleading statements, Motricity’s stocks traded at artificially high prices during the Class Period.
Then on August 9, 2011, Motricity issued its second quarter 2011 financial results which were far below Wall Street’s forecast. As a result of this news, Mortricity’s stocks plummeted, opening at $2.66 per share on August 10, a decline of 50% on high trading volume.
For over 40 years, Gilman Law LLP has represented institutional and individual investors in class actions, complex securities and corporate governance litigation. The firm has been a champion of investor rights and has been recognized for its reputation for excellence by the courts. You may retain Gilman and Pastor without financial obligation or cost to you, or you may retain other counsel of your choice.
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