Market Overview

NQ Mobile Extends Losses Ahead Of Q3 Report


NQ Mobile Inc (ADR) (NYSE: NQ) stock is off more than 24 percent since an announcement last week that its co-chief executive resigned and an 11 percent stakeholder agreed to a two-year lockup.

The Internet service provider, accused of fraud more than a year ago by short-seller Carson Block's Muddy Waters LLC, is set to post results Thursday for the first three quarters of 2014.

The company has suffered a series of delays in filing timely financial reports, and only issued its audited 2013 results in late October.

Referring directly to Block's allegations, NQ said its 2013 audit found no evidence of fraud.

NQ Mobile around mid-day Wednesday changed hands at $4.50, down more than 4.6 percent.

NQ's chief financial officer KB Teo resigned in August "for family reasons" and the company continues without a permanent replacement.

Unaudited 2013 results were issued in April, and the company also issued guidance for its 2014 first and second quarters the following month.

In October, NQ Mobile rejected a buyout offer from Bison Capital and said it would remain independent, although it "continued its review of strategic initiatives."

Bison had offered to pay $9.80 per American depositary receipt in July.

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