Piper questions 'at least three' claims in NQ Mobile report
Piper Jaffray says "at least three" claims made in the Muddy Waters report calling NQ Mobile (NQ) a fraud are inconsistent with its own research and work done by a "reputable third-party." Piper said its survey found NQ Mobile's market share in China at 11%, not the 1.5% stated in the report. The firm adds that its channel checks indicate NQ's attach rates in U.S. retail stores are in the 15%-30% range, not the 2%-3% claimed by Muddy Waters. Piper has an Overweight rating on NQ Mobile, but admits the 81-page report from Muddy Waters will take "considerable time to digest." Shares of NQ dropped 47% yesterday to $12.09 after the short-selling research firm called the company a fraud
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