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NQ Mobile (NYSE: NQ) dropped to a 52-week low, continuing a downward trend that began in May when it said it needed more time to file its annual report.

Beijing-based NW sold a 3.4 percent stake in its NationSky affiliate earlier this month, and said it will sell an additional 2.3 percent stake in the unit for a total of $30 million.

Short-seller Muddy Waters made unproven accusations of fraud concerning NQ in October, although the company said recently that an investigation it found no evidence.

More than half the company's shares are held by short sellers. Short sellers hold about 14.4 million of the company's 136 million shares outstanding, according to NASDAQ.

NQ traded recently at $6.02 per share, down 5.49 percent.

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