PwC Has Not Resigned: NQ Mobile Inc

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PwC Has Not Resigned: NQ Mobile Inc

NQ Mobile Inc (ADR) (NYSE:NQ) stock took a dive after a tweet apparently posted by Xinhua English News (since taken down, h/t QtR at SeekingAlpha) that PricewaterhouseCoopers had resigned as the embattled Chinese tech company’s auditor. The stock price fell more than 5% to $7.74 before NQ Mobile denied the report. NQ Mobile supporters allege that the tweet was intended to harm the company’s stock price.

“PwC has not resigned,” NQ Mobile wrote in a statement that was more important than its brevity might imply.

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Missing information has investors on edge

NQ Mobile Inc (ADR) (NYSE:NQ) has been the target of a short campaign by Carson Block at Muddy Waters since last year, when he accused the company of cooking its books. Block has had a lot of success shorting Chinese companies, though many of his past targets used reverse mergers to get listed in the West, a tactic that is prone to abuse because it sidesteps some of the regulatory hurdles that come with getting listed and holding an IPO, while NQ Mobile was listed through the normal IPO process.

NQ Mobile