NQ Mobile +10.9% after responding to Muddy Waters report

In response to a July 7 Muddy Waters report (.pdf) leveling fresh accusations against NQ Mobile, NQ vouches for the integrity of its Special Committee investigation, declares it has disclosed material info "in a timely manner," and states management has been "subject to a trading blackout" since shortly after MW's Oct. '13 report came out.

In the July 7 report, MW says it suspects NQ held back its July 3 announcement (led shares to fall 32%) to give insiders a chance to dump shares, and that the company's "prior statements and actions make clear that it has understood for some time that PwC will never issue an unqualified audit opinion for 2013."

MW also believes NQ's assertion that PwC wants to expand the scope of its audit is "merely a pretext for NQ to change auditors." It thinks "NQ has likely already decided to fire PwC, or PwC has already informed NQ it is resigning."

Shares still -69% YTD.

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Comments (13)
  • Quoth the Raven
    , contributor
    Comments (2063) | Send Message
    Garbage PR. Might short today.
    9 Jul 2014, 09:23 AM Reply Like
  • Faxbot
    , contributor
    Comments (510) | Send Message
    Another attempt to allow insider friends and family to get out ahead of the bag holders.
    9 Jul 2014, 09:59 AM Reply Like
  • GreenGrowthGeek
    , contributor
    Comments (2267) | Send Message
    please short today QTR
    9 Jul 2014, 10:25 AM Reply Like
  • EXPstocktrader
    , contributor
    Comments (388) | Send Message
    Managements response. http://on.mktw.net/1lT...
    9 Jul 2014, 09:24 AM Reply Like
  • jeepnsam
    , contributor
    Comments (54) | Send Message
    glad I sold this junk at $19 and never looked back.
    9 Jul 2014, 09:28 AM Reply Like
  • dannyboy_95
    , contributor
    Comments (39) | Send Message
    This stock is not a good spot for my money, but I love watching the drama every week.
    9 Jul 2014, 09:49 AM Reply Like
  • tucho
    , contributor
    Comments (43) | Send Message
    sold 50% at 24,80 , then got stopped at 22.....NQ: nevermore ! I'm in the same situation as dannyboy_95 , anyhow, good luck to all of you.............
    9 Jul 2014, 10:07 AM Reply Like
  • tucho
    , contributor
    Comments (43) | Send Message
    by the way , more or less the same stuff is happening in Spain with ticker ALGOW
    PS : never had a share
    9 Jul 2014, 10:10 AM Reply Like
  • leopardtrader
    , contributor
    Comments (3832) | Send Message
    Cynicism is a bad disease in the market that never made anyone real money. Disregarding those emotional "little scenarios & hypotheticals " and processing facts as you see it lead one to a better and potentially profitable judgement.


    Question from this PR should be:
    1. Is it a lie that management is not under any restriction ?
    2. Did Deloitte + Sherman distance themselves from this bold "claim" by NQ ?
    3. Why did the honorable lady Chair of Audit committee also resigned from WUXI ? http://on.mktw.net/1lS.... Does this mean that "personal reason" is real or make belief ?
    4. Now does Muddy Waters have insider information per his claim or he has far higher IQ ( and of course a better investor) than most of us ?


    Some of these answers and many others should help in making effective decision instead of playing to the gallery
    9 Jul 2014, 10:35 AM Reply Like
  • Michael Kline
    , contributor
    Comments (389) | Send Message
    If NQ is confident of the integrity of the SC investigation,why would they want PWC out as a auditor? No quarntee anther auditor would be any better! Just cause more delay an future falling stock price! This allegation by MW is a stretch ,worse than some of the others that have been debunked!
    9 Jul 2014, 11:18 AM Reply Like
  • EquityTrader1975
    , contributor
    Comments (409) | Send Message
    this is the guy who spearhead NQ mobile investigation, looks legit to me
    9 Jul 2014, 11:20 AM Reply Like
  • wallstreetpiggy
    , contributor
    Comment (1) | Send Message
    Simply saying, as a smart mobile phone user in China, I've never heard of this crap company before WM short it. Since then till now, still no one uses its softwares around. So I say, short this rbs, short it till it becomes pink.
    9 Jul 2014, 11:47 PM Reply Like
  • EquityTrader1975
    , contributor
    Comments (409) | Send Message
    wow congrats on your first comment
    10 Jul 2014, 03:15 PM Reply Like
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