Seeking Alpha

NQ -23.2% on auditor request, board changes

  • NQ Mobile auditor PwC has "communicated to the Company that it would need to perform additional procedures and expand the scope of its 2013 audit work." NQ's board and audit committee are considering the request.
  • Audit committee chair Ying Han is leaving NQ's board; the company insists her departure is "due to personal reasons not related to her role at the Company."
  • The board is adding two new independent directors: VC Max Yao and attorney Justin Chen. Also, Taek Kwon, the managing partner of major NQ shareholder Toro Investment Partners, has been named an adviser to the board. The company plans to add "a shareholder representative as an independent director as soon as practicable."
  • Prior NQ coverage
Comments (12)
  • Faxbot
    , contributor
    Comments (247) | Send Message
     
    Well, silver lining here is that at least PwC has not resigned, yet.
    3 Jul, 09:29 AM Reply Like
  • Bull-Market
    , contributor
    Comments (465) | Send Message
     
    Toro guy on Board is a nice thing, still way too many red flags here. What a difference a day makes in terms of perspective.
    3 Jul, 11:02 AM Reply Like
  • edwardtran
    , contributor
    Comments (8) | Send Message
     
    People, get a grip of yourselves. This news isn't bad! Pricewaterhouse Cooper requested more time and broader scope of work because they wanted to do a thorough job of auditing. As long-term shareholders, you do want a quality audit, don't you? Otherwise, you can bet your bottom dollar that the shorts will say "Yeah, the audit is clean but it's unreliable!"

     

    Although one director is leaving, her departure is due to personal reasons. I don't see what's wrong with that. NQ is adding two new directors AND a major shareholder to the board. That's absolutely positive. The stock should go UP. The market is overreacting. Go buy some shares. I will :-)
    3 Jul, 11:03 AM Reply Like
  • Energysystems
    , contributor
    Comments (1071) | Send Message
     
    You're right, it's so positive! You can bet your last dollar on $NQ
    3 Jul, 11:50 AM Reply Like
  • EquityTrader1975
    , contributor
    Comments (257) | Send Message
     
    @enrgysystem here you are again, im short now, but you still commenting, are you going short since you advised me to?
    7 Jul, 04:53 PM Reply Like
  • Energysystems
    , contributor
    Comments (1071) | Send Message
     
    I never advised you or anyone to go short NQ. Provide a link and prove it.
    8 Jul, 04:16 PM Reply Like
  • sethmcs
    , contributor
    Comments (3198) | Send Message
     
    NQ's waters are still muddy.
    3 Jul, 04:21 PM Reply Like
  • Yo Bob
    , contributor
    Comments (75) | Send Message
     
    PWC wants to do a more thorough job? We're talking the December 2013 audit!

     

    Any idea what this means? <<NQ's board and audit committee are considering the request.<< What if NQ's board decides no? Seems rediculous.
    5 Jul, 01:38 PM Reply Like
  • Michael Kline
    , contributor
    Comments (330) | Send Message
     
    Yea, that's a weird comment for a company to make! Who said it an a explanation from a reliable spokesperson needs to explain it! Leaving us loyal shareholders in the dark unnecessary!
    6 Jul, 11:28 AM Reply Like
  • EquityTrader1975
    , contributor
    Comments (257) | Send Message
     
    if this is a fake omar khan is dead man,
    5 Jul, 05:28 PM Reply Like
  • SoVthiker
    , contributor
    Comment (1) | Send Message
     
    I smell buyout coming soon. Question is at what price will the price per share go? I've always thought Alibaba would be the one to acquire. Time will tell
    6 Jul, 10:40 PM Reply Like
  • Yo Bob
    , contributor
    Comments (75) | Send Message
     
    I would love to see a buy-out, yet it would take too much due diligence without reliable financial statements.
    7 Jul, 08:33 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|