Either 1) get PWC to sign-off on a "special report" verifying cash balances or 2) have verification letters drawn up by their banks signed by respective bank execs or 3) take screenshots of their bank statements...or better yet, do all three. You could do all three of these in less than 24 hours! Clearly, long investors are still nervous and suspicious about the MW allegations, since the stock dropped 12% today and 2.5% AH. Why not *definitively* take the most serious accusation (next to the allegation about the false Yidatong revenue) off the table??
Auditors basically get numbers from mgt, do a cursory check of the math, then go out and play golf with the CEO. If you're expecting them to do any "investigating"...well, just go back and read the history of Enron and see how much digging their auditors did.
Learn the lesson that you were robbed by Carson Block in plain daylight. He came into your house, took your money, gave you the middle finger, and left with a smile on his face...with everything you own.
10Q filings are coming out in 2 weeks. They will have 3Q cash balances signed off by pwc. My guess is PWC will also do a lot more comprehensive job of describing the cash assets in lvl2 vs lvl1 on the upcoming 10q. The company is also in a quite period so there are constraints as to what they can talk about and do. I would expect a stream of disclosures and statements to come out from the company next week. Give them some time to follow through on their defense.
I doubt we will hear anything from PWC on the 3Q financials. There is more to it than just verifying the cash. You also have to verify the short and long term debt to have any real meaning. This is a big job particularly in China where this type of fraud has unfortunately been pulled several time over the past few years. PWC will not put their name on the line now without a complete audit. I don't think that will happen until the full year audit, so we may not have any reliable information for another 6 months.
Make no money. Trading @ 360.00 a share. LOL. why dont MW say someting about that. I will tell you... he would be floating in a River with one through the Head. Thats the way the Deal works Folks. MW works for the Crooks.. hes juat a Hired punk. to do there dirty work. Cheers
they will do that in good time
they do not need to jump through hoops for a fraudsters snake oil analysis conducted shoddily over last min 2 months, with totally unverifiable sources from? china...... with the CEO of mud waters, Carlson Block under threat of firing squad for fraud in mainland china...
NQ in a few hours should all their bank details, no when on EARTH CAN THEY GET $124 MILLION IN A FEW MINUTES AND HAVE SOME KIND OF GIANT MAD OCTOPUS CONSPIRACY THAT THE WORKERS IN THE BANK MADE UP THE ACCOUNTS FALSELY, WHEN THEY INFACT HAVE BLOW OUT EARNINGS EACH QUARTER....
you have to be dumb and dumber than dumb to believe Carlson Block, just because he hysterically and sweatily, says that are... frud ....ffffraudulent... i analyzed then over 2 whole solid months...please believe me...........i haven't been that much wrong in the past............ and need to make a lot of money or I will go to jail with all my leveraged shorts on NQ... please help me believe me....
Take note... they just had a convertible notes... that maybe what they will show...
Did you listen to the conference call? DB issued the notes and they were even asking if the will also be art of the buy-back.
How can a company buy back if they just did a secondary?
Yeah, the whole "Level 2" issue is beyond suspect. I didn't know that you could get a bank to give you 3.5% interest on your cash account and still be able to do withdraws at anytime. The "Industrial Bank Co. Ltd" should open offices in California. I'd be their first customer!
NQ's cash position is not the key issue at all. The bottom line is that there are not many users in China using its products, let alone paying users. QIHU offers better products for free. How can NQ make any profits? The conclusion is simple - NQ will go to zero soon
Read that same article...from someone who went to China and investigated...Too many dreamers hanging around here....Anyone playing this stock NOW needs to go to Gambling Therapy class
Sentiment: Strong Sell
NQ has over 1 million + downloads alone on Baidu. (the cap for showing numbers of download is 1 mil+). Meaning either they are just a little over 1 million or can be 2 or 10 mil over.
There are also tens of thousands of mobile sms comments on how NetQin is very easy to use. It gets rating above MaAfee Avast and others. You really need to actually do some research before saying they don't have users.
In fact, NQ is currently taking Qihu's 360 clients away due to 360's ridiculous platform. Have you even seen the products? If not, why are you talking?
Well, I don't disagree, but that's a whole different issue. That's a subjective one that is much tougher to prove or disprove. The "cash issue" is a much scarier headline to most investors who can't dig into obscure research data to get a sense of the size of their customer base. Clear it up right away and NQ would score a significant PR win against MW and live to fight another day.
They actually have done the following:
1. Issued the press release with bank, account, and balance information that totals $291 million. Anybody at the banks could check if the detailed info is not accurate.
2. Company said in conference call that they would engage a global, independent party to verify info.
3. The co-CEO said in the Blomberg interview that two investment banks had verified the amounts in the past 24 hours.
4. In the conference call, they stated that screen shots of banking information would be provided. Additionally, they would work with anybody that would like to do their own due diligence.
This is all within 24 hours of the negative report coming out. And don't forget, the report came out in the middele of the night, China time. They have actually moved pretty quickly.
I know all of this. I've followed every morsel of information released. But, again - this is about perception and giving 100%, beyond a shadow of a doubt definitive proof. Obviously the above is not working too well, since the stock is still getting hammered and there's significant doubt remaining in the investment community. If two investment banks definitively verified the cash balances, why aren't these banks posting about it or issuing a release stating this. For crying out loud, the company just lost $500M in market value. If I was the CEO, I would've had the head of "Industrial Bank Co. Ltd Beijing Dongdan Branch" on the cc call this morning!