|By PR Newswire||
|August 27, 2014 07:03 PM EDT||
NEW YORK, Aug. 27, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Sungy Mobile Limited ("Sungy Mobile" or the "Company") (NASDAQ: GOMO). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Sungy Mobile and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 27, 2014, the Company reported earnings for the second quarter ended June 30, 2014 of RMB 0.58 per share, RMB 0.26 worse than the Capital IQ Consensus Estimate of RMB 0.84, and issued downside guidance for the third quarter of RMB 90-95 million versus the RMB 116.66 million Capital IQ Consensus Estimate. The Company also announced "that Mr. Winston Li has tendered his resignation as the chief financial officer of the Company, effective on August 31, 2014, due to personal reasons."
On this news, shares of Sungy Mobile fell $2.10 per share to $8.26, or more than 20.19%, in after-hours trading on August 27, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP
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