New User:

-or-
Username:
Password:
Forgot your password?

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
Sign up for a free trial to see the rest of the stories you've been missing.
December 19, 2014
09:28 EDTNQOn The Fly: Pre-market Movers
Subscribe for More Information
05:52 EDTNQStocks with implied volatility movement; NQ FXE
Subscribe for More Information
December 18, 2014
18:22 EDTNQOn The Fly: After Hours Movers
UP AFTER EARNINGS: Red Hat (RHT), up 9.3%... Pier 1 Imports (PIR), up 8%... NQ Mobile (NQ), up 9.3%... Cintas (CTAS), up 6.3%. ALSO HIGHER: Aratana Therapeutics (PETX), up 25.9% after candidate for dog osteoarthritis shows positive results... Ally Financial (ALLY), up 5% after announcing that it will exit the Troubled Asset Relief Program. DOWN AFTER EARNINGS: Nike (NKE), down 2.7%. ALSO LOWER: American Apparel (APP), down 2.8% after New York Post reports on takeover bid.
17:24 EDTNQNQ Mobile reports average monthly active user accounts 159M as of Sept. 30
Subscribe for More Information
17:22 EDTNQNQ Mobile to sell FL Mobil to Tack Fiori International
Subscribe for More Information
17:21 EDTNQNQ Mobile raises FY14 revenue view to $325M-$326M from $320M-$325M
Subscribe for More Information
17:20 EDTNQNQ Mobile sees Q4 revenue $82M-$83M
Subscribe for More Information
17:19 EDTNQNQ Mobile reports adj net income for first three quarters ended Sept. 30 $23M
Reports net revenues of $242.6M for the first three quarters ended September 30. Generated a total of $22M in operating cash flow for the first three quarters ended September 30.
10:49 EDTNQNQ Mobile up 9% in early trading ahead of earnings report tonight
Subscribe for More Information
10:38 EDTNQNQ Mobile volatility increases into reporting Q1, Q2, Q3
Subscribe for More Information
December 15, 2014
09:21 EDTNQNQ Mobile volatility elevated into reporting Q1, Q2, Q3 results
Subscribe for More Information
09:10 EDTNQNQ Mobile to report Q1, Q2, Q3 results on Dec. 18
December 11, 2014
14:23 EDTNQChinese report casts doubt on NQ Mobile co-CEO departure, Muddy Waters says
Subscribe for More Information
December 10, 2014
08:58 EDTNQNQ Mobile holder RPL agrees to additional two-year voluntary lock-up
NQ Mobile stated that, as a sign of confidence in the future of the company, RPL Limited, a substantial shareholder of NQ Mobile which is owned and controlled by the founders of NQ, has agreed to an additional two-year voluntary lock-up that will expire in December 2016. RPL is a limited liability company organized under the laws of the British Virgin Islands. As of October 15, , RPL held 50,352,941 Class B common shares, equivalent to approximately 10.07M ADSs, of NQ Mobile, representing approximately 11.3% of NQ Mobile's outstanding shares. RPL agreed it will not sell any of its shares until December 2016. In addition to the lock-up by RPL, the founders and NQ Mobile's senior management reiterate their intention to purchase additional shares in accordance with all applicable rules and regulations.
08:56 EDTNQNQ Mobile Co-CEO and Chairman Lin steps down
Subscribe for More Information
08:37 EDTNQNQ Mobile Co-CEO and Chairman Lin steps down

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use