Jun 19, 2019
CKR Law LLP successfully obtained a dismissal of all claims against Dr. Vincent Wenyong Shi, a founder of the Beijing-based tech company NQ Mobile, now known as Link Motion Inc. (Link Motion).
Link Motion is organized as a Cayman Islands company with operations primarily located in Beijing, P.R.C. Dr. Shi is a director of the company and a major shareholder. Plaintiff, a minority investor from the State of Indiana in the United States, commenced an action against Link Motion, Dr. Shi, and another director, alleging that Dr. Shi mismanaged the company and violated the U.S. securities laws in connection with the sale of a subsidiary. Plaintiff moved for the appointment of a receiver over the company and an order of contempt against Dr. Shi.
CKR Law LLP partners Michael James Maloney and Rosanne Elena Felicello filed a motion to dismiss all claims against Dr. Shi. The Hon. Victor Marrero, United States District Court Judge found that Plaintiff lacked jurisdiction over Dr. Shi and failed to state causes of action under the securities laws. The court dismissed all claims against Mr. Shi and dismissed securities claims against Link Motion.
“U.S. securities laws provided for private causes of action that can be used to protect investors. However, sometimes self-interested parties step outside the boundaries of the laws by filing securities claims against persons outside the U.S. who are not the proper parties to such claims. The court here properly dismissed Dr. Shi from this case,” said Michael James Maloney. The case is Baliga v. Link Motion Inc., Case No. 1:18-cv-11642 and is pending in the United States District Court for the Southern District of New York.
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