On April 30th, NQ stated the Investigation team has found no evidence supporting MW's fraud allegations after 6 months and likely $15-20MM in fees. The team consisting of Shearman & Sterling LLP (est 1873) and DT as well as NQ's legal advisers would not allow such a statement if in fact there was evidence of wrong doing. Given the amount of work involved and coverage it is not surprising the independent audit is running late which played well with option expiry and new 52wk low.
The short side has played this story out and will move on to another target. The stock pulled back a little more than 2/3 rds per Fib retracement and MM's had a sick sense of humour with $6.66. There are 2 gaps at $10.25 and $16 to fill which will become the near term targets as I suspect selling is drying up.
NQ will continue to grow their business with ample cash, no debt and expanding international presence (ex Sprint).