NQ Mobile reports on Special Committee's independent investigation

theflyonthewall.com

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.

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