NQ Mobile denies Muddy Waters report
Print Edition
NQ Mobile Inc yesterday denied a Muddy Waters report accusing it as a “massive fraud” which caused its Nasdaq-listed shares to plummet up to 63 percent, and said it is confident its revenue will grow rapidly over the next three years.
NQ Mobile tumbled by its biggest daily decline since the company’s IPO in May 2011 to US$8.46 in New York on Thursday before trading was suspended.
The price plunge occurred after Muddy Waters, a research firm founded by short seller Carson Block, called the company a “massive fraud” and strongly recommended that investors sell its shares.
“At least 72 percent of NQ’s purported 2012 China security revenue is fictitious,” Block wrote in a report.
Muddy Waters further alleged that NQ Mobile’s market share in China was only 1.5 percent, not around 55 percent as claimed.
However, NQ Mobile rejected the allegations yesterday in Beijing.
Lin Yu, co-chief executive of NQ Mobile, said the company’s revenue may reach US$200 million this year, more than its previous estimate of US$188 million. By 2015, the revenue is set to reach US$500 million.
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