Wow, NG management just lost all of its credibility it had ever mustered !!
Let's be honest, folks. By firing PWC, a legit Big-4 that would have really given a chance for NQ to restore some of the credibility in the end, however long it might have taken to complete the audit, company finally did itself in - guilty as charged.
For all the intents and purposes, NQ lied again in its latest PR with regard to firing PWC. There're clearly big "disagreement" about the audit and the procedures to conduct what are considered necessary by PWC. But NQ clearly disagreed - NQ won't be able to substantiate its claims made to PWC.
Because PWC clearly didn't want to risk its reputation this time with NQ, it didn't bulge on its audit positions. PWC would rather lose the work contract with NQ! Wow. NQ is really a fraud and the Wall Street will have no choice but to treat it as such.
What is the cash value for the stock? Can those big investors sue and get the money back? I doubt it very much.
You are mistaken new auditor is not willing to issue a clean opinion. In fact they will have to redo much of the work PWC has done. Notice the Company did not give an estimate of when the new auditor will be in a position to issue an opinion. Getting third party confirmations of transaction is a normal audit procedure. PWC needed to expand this in order to compensate for the missing data. The new auditor may well find that they need to do this as well. I would not expect a 20f before November 15, and maybe not ever.