MOL Global, Inc. Securities Litigation


This website provides important information concerning the pending Consolidated Class Action brought 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, and were damaged thereby (the "Settlement Class").

A proposed settlement for $8.5 million has been reached between Lead Plaintiff Lembaga Tabung Amanah Pekerja (the “Plaintiff”) and MOL, certain of its officers, directors, and controlling shareholder (the “Individual Defendants”), and Citigroup Global Markets Inc., Deutsche Bank Securities Inc., and UBS Securities LLC, the underwriters of MOL’s October 9, 2014 initial public offering (“IPO”) (the “Underwriter Defendants”) (collectively, the “Defendants”) in the In re MOL Global, Inc. Securities Litigation.

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 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. Defendants deny each and all of the claims and contentions of wrongdoing alleged by Plaintiff in the litigation. Defendants have agreed to the settlement solely to eliminate any burden and expense of continued litigation. Accordingly, the Settlement may not be construed as an admission of any wrongdoing by any of the Defendants.

A hearing will be held by the District Court, upon Notice to the Settlement Class, to consider approval of the Settlement, the Plan of Allocation, and the Fee and Expense Application (the “Settlement Hearing”) before the Honorable William H. Pauley III, United States District Court Judge, at 11:00 a.m. on September 16 2016, in Courtroom 20B of the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York 10007.

The Notice provides a summary of the Action, terms of the Settlement, describes who is included in the Settlement Class, the rights and benefits available to members of the Settlement Class, and explains how to submit a claim in order to be potentially eligible to participate in the Settlement and receive a distribution from the Gross Settlement Fund. If you are a member of the Settlement Class, you will be affected.

Please be sure to review the Notice to fully understand your rights. If you are a member of the Settlement Class, your legal rights will be affected whether you act or do not act.