Friday, 5 December 2014

MOL Global: class-action suits are filed

Four US law firms have filed class action suits against MOL Global, according to this article in The Star.

One complaint can be found here, the most important paragraphs:

Another complaint can be found here:

The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose to MOL Global investors that: (1) MOL Global was overstating the revenue and profit derived from the Company’s business and operations; (2) the Company’s  actual business model could not sustain the growth trends described in the IPO offering documents; (3) MOL Global would not be able to report its third quarter 2014 financial results on November 21, 2014, as previously stated; and (4), as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.

I guess we need to wait for more specific information how things will unfold.

I am not a lawyer, although a big fan of TV-series like "Suits" and "Boston Legal". Are we going to see Harvey Specter and Alan Shore cross examining Vincent Tan and Ganesh Kumar Bangah?

MOL Global is currently trading at USD 2.85, 77% down from its IPO price.

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