Their own underwriter suspends coverage. Too many issues, including lies by management. Any credible analyst will be forced to downgrade this stock. Time for management to clear the air, reorganize and try to rebuild.
They did NOT suspend coverage. They suspended rating and estimates. That is 2 entirely different things. They are still covering the stock and will issue their rating and estimates once they get more info from the independent committee.
What caused the risk management at Piper Jaffray to suspend valuating NQ Mobile was the report of interviewing Xu Rong at her main office for Yidatong in an office that Bloomberg reporter did not find their name of the company listed in the directory and the two security guards at the front desk never heard of the company. This is a company responsible for 21% of the revenues of NQ.....this is a huge red flag. How can the company get regular mail delivered?