NQ Down +20% On Audit Update

Shares of NQ Mobile NQ are under fire Thursday morning as longs lose confidence and shorts continue to pile into the stock.

The most damning news of the morning is that PwC, who is conducting an audit of NQ’s 2013 financials, “would need to perform additional procedures and expand the scope,” of its work. Even worse, NQ said that it is “considering” fulfilling PwC’s request.

Related: NQ Mobile Hits Year-Low, Continues Downward Trend

NQ Mobile also announced updates to its board. Ying Han will be stepping down for personal reasons while Max Yao and Justin Chen will be added to the board. Yao comes from a venture capital capital background and is currently the CEO of an analytics company. Chen is an attorney, licensed in California.

Shares of NQ mobile fell as much as 25 percent on the news and are now trading about 22 percent lower to $5.30. 2014 has been a bumpy ride for NQ shareholders trying to pick a bottom, despite Carson Block’s attacks. Shares are down 64 percent year to date.