Market Overview

NQ Mobile Soars 20% On SEC Filing


NQ Mobile Inc (ADR) (NYSE: NQ) filed its SEC Form 20-F,l which showed full compliance and no attempts to delete documents.

According to the filing, "On October 25, 2013, our board of directors formed a special committee, or the Special Committee, to conduct an independent review of certain allegations raised in a report issued by Muddy Waters LLC dated October 24, 2013.

"The Special Committee subsequently retained the global law firm of Shearman & Sterling LLP to conduct the independent review, and Shearman & Sterling LLP in turn engaged Deloitte & Touche Financial Advisory Services Limited as forensic accountants to assist it in the matter (together, the “Investigation Team”). On June 4, 2014, the results of the independent investigation conducted by the Special Committee were announced. The announcement described the scope of the work carried out during the more than seven month investigation, including substantive procedures performed to investigate each allegation.

"In sum, the Audit Committee found no evidence of an effort to prevent the collection of documents or data relevant to the Special Committee’s investigation."

NQ Mobile Inc traded at $10.85 in the premarket, up 21 percent.

Posted-In: News Short Sellers Legal


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