During its second quarter financial statement last week, Bellevue’s Motricity hinted at upcoming changes and cost-cutting measures in response to an awful quarter. And today the money-losing maker of mobile software announced more changes in the executive offices, terminating the employment of the company’s chief development officer James Ryan; senior vice president and general counsel Richard Leigh and senior vice president of advertising, marketing and analytics Tyler Nelson.
The moves follow last week’s departures by CFO Allyn Hebner and Chief Strategy Marketing and Development Officer Jim Ryan have left the company.
Obviously, Motricity is a company in a tailspin, evidenced by the fast that its stock is down by 57 percent in the past month. (Shares are off another three percent today).
Motricity — which arrived in the Seattle area in 2008 after purchasing the mobile assets of Bellevue-based InfoSpace — also was just slapped with a class action law suit by Hagens Berman. The suit alleges that the company issued “materially false and misleading statements to investors.”
Motricity’s mCore platform is used by mobile carriers to power mobile data services, a tough business given that many smartphone users are increasingly turning to mobile browsing of the Web rather than using carriers’ portals.