Happy Short-Selling Anniversity! NQ Mobile Found W
Post# of 23082
Posted On: 10/27/2014 9:17:27 AM
Happy Short-Selling Anniversity! NQ Mobile Found With No Fault -- Barron's Blog
17 minutes ago - DJNF
By Shuli Ren
Has it really been a year since the famous short seller Muddy Waters accused Chinese mobile security software provider NQ Mobile ( NQ) of fraud?
A year ago, Oppenheimer downgraded NQ Mobile to neutral, saying the fraud overhang could take half a year to resolve. Well, it is taking a lot longer than thought and NQ Mobile's shares are still over 60% off from its last mid-October high.
NQ Mobile filed its 2013 annual report this morning and said that major accounting firms did not find any fraudulent behavior. Here is from the press release:
The audited financial results contain no qualification and no adverse findings and are consistent with the Company's previous financial disclosures and reports. They follow an extensive review of the business and financial affairs of the Company that was undertaken by several highly reputable firms, including the global law firm of Shearman & Sterling LLP. assisted by Deloitte & Touche Financial Advisory Services Limited, and Marcum Bernstein & Pinchuk LLP, the Company's independent auditor.The Audit Committee of the Company was further assisted in completing the audit by its counsel DLA Piper LLP and IT forensic firms Control Risks Group and Stroz Friedberg.
Among many other conclusions,
The Company's cash (and cash equivalents) of approximately $283 million as of December 31, 2013 was verified and found consistent with public disclosures and major expenditures were confirmed as having been incurred for legitimate business purposes.
The Company's acquisitions were evaluated using reasonable metrics and internal due diligence processes, and those acquisitions have contributed to increasing the Company's revenue and user traffic.
Last week, investors were fretting that NQ Mobile would not be able to file its annual report on time, but are proven wrong. Pre-market, this stock is up 19.5%.
There is no response yet from Muddy Waters at the time of the publication. On October 21, Muddy Waters wrote on Twitter that NQ Mobile was "not a stock for real investors, just pure gamblers."
More at Barron's Asia Stocks to Watch blog, http://blogs.barrons.com/asiastocks/
(END) Dow Jones Newswires
October 27, 2014 08:58 ET (12:58 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
17 minutes ago - DJNF
By Shuli Ren
Has it really been a year since the famous short seller Muddy Waters accused Chinese mobile security software provider NQ Mobile ( NQ) of fraud?
A year ago, Oppenheimer downgraded NQ Mobile to neutral, saying the fraud overhang could take half a year to resolve. Well, it is taking a lot longer than thought and NQ Mobile's shares are still over 60% off from its last mid-October high.
NQ Mobile filed its 2013 annual report this morning and said that major accounting firms did not find any fraudulent behavior. Here is from the press release:
The audited financial results contain no qualification and no adverse findings and are consistent with the Company's previous financial disclosures and reports. They follow an extensive review of the business and financial affairs of the Company that was undertaken by several highly reputable firms, including the global law firm of Shearman & Sterling LLP. assisted by Deloitte & Touche Financial Advisory Services Limited, and Marcum Bernstein & Pinchuk LLP, the Company's independent auditor.The Audit Committee of the Company was further assisted in completing the audit by its counsel DLA Piper LLP and IT forensic firms Control Risks Group and Stroz Friedberg.
Among many other conclusions,
The Company's cash (and cash equivalents) of approximately $283 million as of December 31, 2013 was verified and found consistent with public disclosures and major expenditures were confirmed as having been incurred for legitimate business purposes.
The Company's acquisitions were evaluated using reasonable metrics and internal due diligence processes, and those acquisitions have contributed to increasing the Company's revenue and user traffic.
Last week, investors were fretting that NQ Mobile would not be able to file its annual report on time, but are proven wrong. Pre-market, this stock is up 19.5%.
There is no response yet from Muddy Waters at the time of the publication. On October 21, Muddy Waters wrote on Twitter that NQ Mobile was "not a stock for real investors, just pure gamblers."
More at Barron's Asia Stocks to Watch blog, http://blogs.barrons.com/asiastocks/
(END) Dow Jones Newswires
October 27, 2014 08:58 ET (12:58 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
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I'm in it to win it!
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'