NQ’s July 3rd announcement vindicates short sellers, but was likely delayed in order to give China side insiders a chance to illegally dump stock. The announcement also puts lipstick on the state of NQ’s doomed audit. Only hours before the long July 4th holiday weekend began, NQ announced that Ms. Y… more
NQ admitted widespread tampering with data reviewed during the investigation. (Committee to NQ: During the course of our fraud investigation, we caught you trying to defraud us.) To download the report, check the box to agree with the Terms of Service and then click the "Download Report" butto… more
MW analyzes NQ's dismal Q4 2013 results, which included negative operating cash flow and a GAAP loss. To download the report, check the box to agree with the Terms of Service and then click the "Download Report" button.… more
In a letter to NQ's independent committee, MW offers to engage, at our own expense, an independent and qualified accounting firm to evaluate the independent committee’s investigation into whether NQ Mobile is a fraud. To read the letter, check the box to agree with the Terms of Service and then… more
The veneer of U.S. management has been integral to taking NQ’s fraud to a one-time value of $1.1 billion. Matthew Mathison, NQ’s vice president of capital markets, has recently led the effort to try to deflect fraud charges from both Muddy Waters and a China-based research firm called J Capital Res… more
NQ’s largest purported source of revenue, Yidatong (“YDT”), is controlled by NQ, and its primary purpose is facilitating NQ’s fraud. Believing NQ’s narrative of YDT – that YDT is an independent company annually facilitating billing of approximately $35 million for a variety of developers – at this… more
It is beneficial for US investors to read Chinese media coverage of our NQ reports. This update consists of English translations of four articles that have appeared in Chinese media in the past week. There are two articles quoting certain of NQ’s purported partners (e.g., ZTE) as stating that NQ f… more
Muddy Waters noted numerous lies and deceptions in NQ’s responses to our October 24, 2013 report. This report lists the ten most egregious falsehoods we noted from the October 25th conference call, and Co-CEO Omar Khan’s television interviews that same day with Fox Business News and Bloomberg. T… more
Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far is really NQ. Our res… more