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News Breaks
June 26, 2014
08:29 EDTCMGEChina Mobile Games issues statement on restructuring and bribery allegations
China Mobile Games stated that, as announced on 20 June, there was an implementation of organizational restructuring and personnel changes in its game publishing business, one of the three business segments of the company and that the purpose of the restructuring is to streamline the company's operations. The company also stated that to the best of its knowledge, it is currently unaware of any evidence of bribery but nevertheless, the independent committee has been formed to look into and address the circulating market speculations. An external law firm will be appointed to assist the independent committee. The company will announce further update on the results of its independent committee's investigation.
News For CMGE From The Last 14 Days
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January 20, 2015
11:59 EDTCMGEChina Mobile Games management to meet with Roth Capital
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January 16, 2015
08:57 EDTCMGEChina Mobile Games responds to allegations made by short seller
China Mobile Games and Entertainment Group issued the following statement in response to allegations made by a short seller on January 15: The company believes that the allegations made contain numerous errors, unsupported speculation and incorrect interpretations of facts and circumstances. Neither the company nor, to the best of the company's knowledge, any member of its management controls Shenzhen Zhongzheng Ruanyin Science & Technology, a mobile game advertising agent in China, and the company at the center of the short seller's allegations. The company's transactions with Zhongzheng have been conducted and will continue to be conducted in the ordinary course of business and on an arm's length basis. Moreover, the company's revenue derived from business with Zhongzheng for the first three quarters of 2014 accounted for less than 1.0% of the company's total revenue for the period, and payments made to Zhongzheng for the first three quarters of 2014 accounted for approximately 3.0% of the company's operating expenses for the same period. The company intends to take all appropriate legal actions to defend itself against these malicious allegations and to protect the interest of its shareholders.
January 15, 2015
13:36 EDTCMGEChina Mobile Games accused of overstating revenues by GeoInvesting
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