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NQ Mobile Shares Plummet After Announcing Dismissal Of PwC

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Shares of NQ Mobile (NYSE: NQ) dropped as much as 24 percent in Friday's pre-market after the company announced that it has dismissed PricewaterhouseCoopers Zhong Tian LLP as its independent auditor.

To fill the gap, NQ Mobile's Audit Committee has enlisted Marcum Bernstein Pinchuk LLP (MBP) as its new interdependent auditor for fiscal year 2013 and subsequent periods.

MBP together with Marcum LLP are a top 10 SEC practice accounting firm in the U.S.

NQ's Audit Committee has confirmed that there were not any disagreements between the company and PwC on matters of accounting principles or practices.

PwC had previously told the company that it would need to expand the scope of its work in regard to observations referred to in NQ's press release reporting on the Special Committee's Indenpendent Investigation dated June 4, 2014. Additionally, PwC had informed the company that this may cause it to be unwilling to trust or rely on management representations in connection with its work.

As part of its expanded investigation, PwC requested that the company provide access to multiple third parties' original bank statements and financial records.

Posted-In: News Legal Management


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