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Rosenblatt Securities Analyst On NQ Mobile Audit: 'I Think The Clean 20F Already Speaks For Itself'

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When asked about expectations for NQ Mobile Inc (NYSE: NQ), Rosenblatt Securities Analyst Jun Zhang told Benzinga that the attack from Muddy Waters and auditing process from PricewaterhouseCoopers Zhong Tian LLP will all affect the bottom line.

But he thinks the top line will be fine.

As far as the accusations from Muddy Waters, Zhang said a clean 20F speaks for itself.

“There’s still some suspicions, some questions around their accretions,” Zhang said. “I think the 20F coming out just says the company is clean, no matter what.”

The company needs to show it did the right thing with accretions to gain back investor confidence, according to Zhang.

“If one of the new accretions had a good improvement or a good result in the next two or three quarters, then it probably would gain the confidence from investors,” he said.

The PowerShares Gld Drg Haltr USX China (NYSE: PGJ) ETF holds NQ Mobile, and was trading more than 2 percent higher Thursday. But another NQ Mobile holder, the Claymore/AlphaShares China Small Cap ETF (NYSE: HAO), was trading slighlty lower.

Posted-In: Jun Zhang mobile NQ MobileAnalyst Color Short Sellers Previews Exclusives Trading Ideas

 

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