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Stock Market & Financial Investment News

News Breaks
July 3, 2014
10:11 EDTNQNQ Mobile sinks after PwC seeks to expand scope of audit
Shares of China's NQ Mobile (NQ) are plunging after the company reported that its independent auditors, PricewaterhouseCoopers, communicated to the company that it would need to perform additional procedures and expand the scope of its audit work. NQ also stated that the chair of its audit committee is stepping down. Short seller Muddy Waters has alleged that NQ Mobile, which provides mobile Internet services focused on security, privacy and productivity, is a fraud. BACKGROUND: NQ Mobile has previously announced that four of its independent board members, working with lawyers and accountants, did not find any evidence that the company had engaged in the fraud alleged by Muddy Waters. However, the investigators saw evidence that "some information" might have been "missing" on "many of the devices" from which they sought information, NQ Mobile reported. The investigators recommended that NQ Mobile adopt several measures "to further enhance the company's internal controls." According to Muddy Waters, NQ Mobile's findings were similar to those of Sino Forest, another Chinese company that was accused of fraud by the research firm and ultimately filed for bankruptcy in 2012. Furthermore, NQ Mobile refuses to release the investigators' report, preventing details about the data changes from being known, Muddy Waters stated. WHAT'S NEW: Earlier this morning, NQ Mobile announced that PwC communicated to the company that it would need to perform additional procedures and expand the scope of its 2013 audit work following the June 4 release of the summary findings of the investigation conducted by the special committee. "The company's board and audit committee are considering PwC's request. The company will provide a further update when available," NQ stated. The company also announced Ying Han, the current chair of the audit committee, has informed the board that she would be stepping down due to personal reasons not related to her role at the company, effective on July 6. "There are no disagreements between Ms. Han in her capacity as chair of the audit committee and the company," NQ stated. Two new independent directors have been appointed to the board and one of those two will serve as chair of the audit committee following Han's departure. Omar Khan, co-CEO of NQ Mobile, commented, "We remain confident in our business, our strategy, and our financials. We believe that the steps we are taking strengthen the collective global experience and expertise of our Board and further enhance our corporate governance." PRICE ACTION: In morning trading, NQ Mobile shares sank 32% to $4.60.
News For NQ From The Last 14 Days
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October 30, 2014
10:34 EDTNQOptions with decreasing implied volatility
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October 29, 2014
10:58 EDTNQOptions with decreasing implied volatility:
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09:10 EDTNQNQ Mobile accelerates Japan EMM business with reseller agremeent with Softbank
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October 28, 2014
12:57 EDTNQOn The Fly: Midday Wrap
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12:28 EDTNQOptions with decreasing implied volatility
Options with decreasing implied volatility: PBR NQ EWZ BBD ITUB MLNX TWTR QLIK INFN ISRG
09:11 EDTNQNQ Mobile rejects Bison privitization offer, says talks with Bison continue
NQ Mobile announced that its board of directors had the opportunity to explore numerous strategic options. After careful consideration, the board has decided that NQ Mobile will be best positioned to maximize value to its shareholders as a public company. Consequently, the board rejected the proposed privatization offer from Bison Capital announced on July 30. The company remains in active discussions with Bison Capital about alternative opportunities for investment and collaboration as the Board continues its review of strategic initiatives at a broader level. In addition, the company has closed the sale of 3.58% of FL Mobile to Bison Mobile Limited, a division of Bison Capital Co, for $15M and 0.92% of FL Mobile to other third party investors, for $3.85M, which values the FL Mobile division at $418.85M currently. Per the terms of the share purchase agreement with Bison Mobile Limited, an additional amount of up to $6.15M equity interest in FL Mobile may be sold to other investors within 60 days after the closing of the purchase by Bison Mobile Limited. The investors have a redemption right if FL Mobile does not complete a qualified IPO within 12 months after the closing of the aforesaid sales. NQ Mobile Chairman and co-CEO Henry Lin stated, "We are excited to welcome Bison Mobile Limited as an investor in FL Mobile. Bison is not only an ideal equity partner but also an ideal strategic investor given its portfolio of complementary investments."
09:08 EDTNQNQ Mobile formally rejects Bison Capital privitization offer
October 27, 2014
12:27 EDTNQOn The Fly: Midday Wrap
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09:37 EDTNQActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL PBR TWTR AMZN M NQ GILD C FB NFLX
08:35 EDTNQNQ Mobile files annual reports on Form 20-F with SEC
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October 23, 2014
05:56 EDTNQStocks with implied volatility above IV index mean; NQ TLM
Stocks with implied volatility above IV index mean; NQ Mobile (NQ) 184, Talisman Energy (TLM) 83 according to iVolatility.
October 22, 2014
06:06 EDTNQStocks with implied volatility above IV index mean; NQ TLM
Stocks with implied volatility above IV index mean; NQ Mobile (NQ) 178, Talisman Energy (TLM) 89 according to iVolatility.
October 21, 2014
11:41 EDTNQNQ Mobile 'not a stock for real investors,' Muddy Waters says
Muddy Waters said via Twitter that NQ Mobile is "not a stock for real investors, just pure gamblers."
06:26 EDTNQStocks with implied volatility above IV index mean; NQ CMG
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