NQ Mobile Inc. ("NQ Mobile"
or the "Company") NQ, a leading global provider of mobile Internet
services, today responded to Muddy Waters' report dated July 7, 2014. The
Company fully respects the right of any third party to express its opinion but
reminds investors that facts are facts.
CN34262LOGO
Here are the facts:
The independent investigation was overseen by a Special Committee of
independent directors, and conducted by two highly respected firms with
well-established reputations for integrity, Shearman & Sterling LLP, and
Deloitte & Touche Financial Advisory Services Limited. It did not find any
evidence that the Company had engaged in the fraudulent conduct alleged by
Muddy Waters.
The Company has disclosed material information in a timely manner and in
compliance with Securities and Exchange Commission (SEC) regulations,
including information related to the stepping down of its Audit Committee
Chair and the appointment of new independent directors, including a new Audit
Committee Chair. The results of the independent investigation were disclosed
by the Company as soon as practical after the Special Committee concluded its
work.
Management has been subject to a trading blackout since shortly after the
initial allegations published by Muddy Waters on October 24, 2013. On
November 12, 2013, the Company announced that senior managers would purchase
up to an aggregate of $3 million worth of the Company's American depositary
shares (ADSs) within six months from November 15, 2013, pursuant and subject
to the restrictions of, and consistent with, applicable laws and the Company's
securities trading policy. Because of those restrictions, senior managers
have not been, so far, able to deliver on their promise. However, they remain
fully committed to doing so as soon as legally possible.
The Company is fully committed to the highest standard of corporate
governance, as demonstrated by the recent additions to its board of directors,
as well as transparency and fair and timely disclosure in full compliance with
SEC regulations.
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