NQ Mobile Inc Acquires $10 Million In Shares In Buyback Plan

NQ Mobile Inc.

gained sharply in early trading Tuesday after the company said it acquired more than $10 million in shares under a previously announced $80 million buyback plan announced Dec. 23. The China Internet services company changed hands recently at $4.55, up $0.42. During the past year, the shares are down nearly 75 percent. NQ also said its co-founder and acting Chief Financial Officer Vincent Wenyong Shi, along with other members of its senior management, acquired $991,000 American depositary shares Monday for an average price of $41.14 a share. As part of their purchase, the managers also established a 10b5-1 plan acquire up to a total of $4 million in shares in open market transactions. Shares of the company had been under heavy pressure since last month when the company released disappointing results and said it will sell its FL Mobile unit in a stock deal valued between $570 million and $630 million. In recent quarters NQ has undergone management turmoil and endured allegations of fraudulent accounting.