bad news has already been priced in...UP she goes...
Looks like the market re-action of letting an auditor (who's asking for third party bank records ) go is a positive
There may of been a few misteps within NQ's accounting practices..but they have seem to of tightened them up..
By getting a new smaller auditor they should be able to spend more time on NQ and straighten out the few minor inconsistencies...
Once that is done the 20f should get filed and past quarters brought up to date..
Remember businesses in china do operate or know all expectations that the U.S. businesses have grown to be accustomed to...the U.S. businesses know how to wiggle within rules and regulations..
There's NO-WAY NQ is a complete fraud..to many big partners in business...but they may of mishandled this and the market has seemed to forgiven them...
It is an interesting ride..but they should of did like FAB and asked for a halt to save shareholders the grieve of watching their money keep dwindling down..
And cause shorts the agony having money tied up and hoping they go dark..but not knowing if a buyout or going private is in the works..
Bottom has been set..bad news priced in..,this is in rebound stage..