Where are you? Couple hours ago I posted on that post of yours that said I was soooooo stupid on my opinion on NQ. Doesn't seem to want to show, so I'll copy my response to you. Now it's down 29% on the day
instead of 25%.
Reply to Shelly- you are really good at predicting! by rvga128 •Dec 30, 2013 11:45 AM
shelly_showman • 2 hours 19 minutes ago Remove
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Yup, I was real stupid, that's why NQ has delayed filing their annual and the results of the so called investigation........again. Do you think it takes 7 months or more to examine a company who's revenue was less than $200 in 2013? Lucky they've only dropped another
NQ Mobile announced the results of the independent investigation conducted by an independent Special Committee of its Board of Directors and carried out by its independent counsel to review fraud allegations made by short seller Muddy Waters the previous day. The Investigation Team conducted a far-ranging investigation of NQ's business activities and financial records in response to the allegations made in Muddy Waters' October 24, 2013 report. The Investigation Team did not find any evidence that the company had engaged in the fraudulent conduct alleged by Muddy Waters. The Investigation Team has made a series of recommendations to further enhance the company's internal controls, which the company's Board of Directors has adopted and directed the company's management to implement.
Ah shucks I missed this post. 'Independent'? There is no such word in the Chinese vocabulary, at least none that you can believe.
I posted some information less than a month after that PR, showing their lack of independence, you must have missed it. And the following is typical 'to further enhance the company's internal controls'.
In Chinese speak this translate to 'don't worry folks, we just learn to hide and bury deeper, our questionable deals and fraudulent activities'. Today the stock has a low of $7.75 and currently trading at $8.02. How's that independent audit working out for you?
The investigation was conducted by a committee comprising four independent directors of NQ Mobile, along with independent counsel Shearman & Sterling LLP and forensic accounting firm Deloitte & Touche Financial Advisory Services Ltd.