Seeking Alpha

NQ Mobile gives back early gains, shares plunge below $10

  • Up in premarket trading thanks to Macquarie's defense of the company, NQ Mobile (NQ -11.8%) is diving again, as many investors remain skeptical about the company's bookkeeping and revenue streams following Muddy Waters' fraud allegations.
  • Notable Calls suspects some of the selling is coming from firms that aren't allowed to hold names facing potential investigations.
  • Also: SA contributor Goldbaum Research has drawn parallels between NQ and Sino-Forest (went bankrupt following a fraud scandal), and points out Chinese media has accused NQ of fabricating a partnership with smartphone vendor ZTE. Goldbaum also observes anecdotal talks and online comments point to limited Chinese public awareness of NQ.
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Comments (4)
  • sethmcs
    , contributor
    Comments (3447) | Send Message
     
    Muddy Waters torpedo has sink the ship.
    28 Oct 2013, 02:01 PM Reply Like
  • Sellinpanic
    , contributor
    Comments (691) | Send Message
     
    Ummm...you mean 'sunk'....
    28 Oct 2013, 03:48 PM Reply Like
  • Gary Jakacky
    , contributor
    Comments (2744) | Send Message
     
    Yippee! NQ, take the rest of the Chinese stocks with you.
    28 Oct 2013, 03:26 PM Reply Like
  • wnilkamal
    , contributor
    Comments (10) | Send Message
     
    NQ has published their earnings with the SEC in response to MW cowardice.

     

    http://1.usa.gov/1bx9qa2
    29 Oct 2013, 09:10 AM Reply Like
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