China Mobile Games and Entertainment Group (CMGE), one of the largest publisher and developers of mobile games in China, today announced that the Independent Committee of the Board of Directors of the Company has not found any evidence that suggested CMGE or anyone at CMGE had engaged in bribery, a market rumour which had caused the CMGE-share to drop by more than 30% in June.
As previously announced, the Independent Committee was formed on June 20, 2014, and is comprised of the four independent directors of the Company. The Independent Committee retained Simpson Thacher & Bartlett LLP 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 Directors of the completion of its investigation.
CMGE will report its second quarter 2014 financial results on Monday, Aug 18, 2014, before the open of U.S. markets.