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News Breaks
August 14, 2014
07:47 EDTCMGECMGE announces Independent Committee probe completed
China Mobile Games and Entertainment announced that the Independent Committee of the Board of the company has completed its review of market rumors of possible bribery. As previously announced, the Independent Committee was formed on June 20 and is comprised of the four independent directors of the company. The Independent Committee retained Simpson Thacher & Bartlett to assist it in conducting the independent review.The independent review included interviews with relevant personnel and a review of documents, digital information and data extract through procedures recommended by Simpson Thacher. The foregoing investigation did not find any evidence that suggested CMGE or anyone at CMGE had engaged in bribery. The Independent Committee therefore advised CMGE's Board of the completion of its 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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