Harwood FefferLLP Announces Investigation of Motricity, Inc.
Tuesday September 13, 2011
NEW YORK - (BUSINESS WIRE) – August 15, 2011
Harwood Feffer LLP announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of the common stock of Motricity, Inc. (“Motricity@ or the ACompany@) (NASDAQ: MOTR – News) common stock from June 18, 2010 through August 9, 2011 (the "Class Period").
No class has yet been certified in the above action. Class members will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 11, 2011 and be selected by the court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages to serve as a Lead Plaintiff. You may contact the Harwood Feffer LLP website (http://www.hfesq.com) or Samuel K. Rosen, at firstname.lastname@example.org to ask any questions you may have in that regard.
The Complaint charges that Motricity and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose negative trends in Motricity’s business, including with Motricity’s most important customers, and represented that Motricity would continue to prosper despite the increasing popularity of smartphones, which provide Internet access without Motricity’s services. As a result of defendants’ false statements, Motricity stock traded as high as $30.74 per share on November 9, 2010.
On May 3, 2011, Motricity announced first quarter 2011 financial results, reporting a net loss of ($6.1) million and revenue of $32.2 million. On this news, Motricity’s stock dropped $1.82 to close at $10.99 per share on May 4, 2011. Then, on August 9, 2011, Motricity issued its second quarter 2011 financial results, reporting a net loss of ($4.3) million and revenue of $34.6 million. On this news, Motricity stock fell 50%.
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
If you purchased Motricity common stock during the Class Period, suffered a loss on those shares in excess of $100,000 and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Samuel K. Rosen, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.