|[August 27, 2014]
INVESTOR ALERT: Investigation of Sungy Mobile Limited Announced by Glancy Binkow & Goldberg LLP
LOS ANGELES --(Business Wire)--
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
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.
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.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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