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NQ Mobile Volatile On More Management Turmoil

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NQ Mobile Inc (ADR) (NYSE: NQ) shares were bouncing up and down as its turmoil continued Tuesday with the resignation of co-Chief Executive Omar Sharif Khan.

The Beijing-based Internet service provider, which changed hands recently at $4.11, named Zemin Xu chief executive and said it will eliminate its current management structure featuring co-chief executives.

Zemin was named co-CEO in December following the resignation of Chairman and Co-CEO Henry Lin.

Lin's departure followed the August resignation of the company's chief financial officer and that of its audit panel chairwoman and the dismissal of its auditor, both in July.

Khan will step down May 1 from his current role as a director and co-CEO of NQ, remaining as a consultant through 2015.

Khan has served as co-CEO since 2012 and had previously been at Citigroup, where he led its mobile development and delivery efforts.

NQ shares are down nearly 70 percent in the past 12 months, perhaps in part because short-seller Carson Block of Muddy Waters Research has made multiple accusations of overstated revenue and accounting fraud.

Carson on Tuesday appeared to gloat via the Muddy Waters twitter account over news of Khan's departure.

"We wish all the best to Omar Khan in his new endeavors, which will doubtless provide fewer opportunities for self-humiliation," Carson said.

 

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