CFO change- here we go again

[pwalk]

BEIJING and DALLAS, Aug. 15, 2014 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company" (NQ), a leading global provider of mobile Internet services, today announced certain changes to its management team.

KB Teo, Chief Financial Officer of the Company, has resigned from his position for family reasons effective Friday, August 22, 2014. Dr. Vincent Wenyong Shi, Co-Founder and Chief Operating Officer of the Company, will take over as Acting Chief Financial Officer until a suitable replacement is found.

The Company noted that Mr. Teo's departure is not related to the Company's operations, policies, or accounting practices and is due to family reasons. The Company values the contributions made by Mr. Teo during his tenure with the Company.

"I would like to thank KB on behalf of the Board of Directors and management team for his service over the past year," commented Dr. Henry Lin, Chairman and Co-Chief Executive Officer of NQ Mobile. "He has been very supportive of the Company and we wish him well."

The Company remains fully confident in all of its previously reported financials and filings as to their accuracy and does not expect any material changes.

[Banco_Central_de_Costa_Rica]

More bad thrown on the shareholders... you have to wonder about the resolve of the average shareholder... why put up with this?

[pwalk]

exactly Banco. I still believe the company has a bright future, but they have worn me down and out. Will keep my long term call options and hope for the best, but looking elsewhere to put my money. Too many good ideas out there without all the drama and mis-information.

[donlongava]

Was up early today and saw email from NQ re: PR on CFO. Thought...OMG. So far I can live "long" with a 11% down move! However, to watch the pre-market trading move to @ 4.20 and open at @5.50 or so was remarkable. Maybe the Bison bid but I feel its more the business model. Mobil is king and Chin's middle class will continue it's phenomenal growth. Interesting...sent a email to Matt today asking about bur back and Bison bid. His response:
Hi,
We will announce an update on the Bison offer when there is an update.
As for the buyback — we are in a blackout trading window which prevents both the company and insiders from trading or buying shares.
Thanks for your patience — we remain focused on completing the 2013 annual financial audit and executing our business.
Regards, Matt Mathison,Vice President,NQ Mobile
4514 Travis Street Suite 200 | Dallas, TX 75205

So, may the Bison bid has more strenght than I thought.

[admin]

Remarkable come-back in the shares, they're almost green at this moment (although that can change in the blink of an eye..). Perhaps the CFO did in fact resign for family reasons (as happened with the last unfortunately timed resignation).

[SamAdams]

I would take this event at face value as well. They are snake bit it seems but the antivenom is coming.

[thecrazykevy]

More leaks?

Someone posted a message in Chinese yesterday on stocktwits which apparently said the CFO was stepping down http://stocktwits.com/message/25751760

[admin]

More leaks?

Someone posted a message in Chinese yesterday on stocktwits which apparently said the CFO was stepping down http://stocktwits.com/message/25751760

Yea, big surprise that one..

[thecrazykevy]

Yea, big surprise that one..

The same person who posted the message is saying NQ employees have been leaking info for money. Never a dull moment with NQ.

[kevinh]

Remarkable come-back in the shares, they're almost green at this moment (although that can change in the blink of an eye..). Perhaps the CFO did in fact resign for family reasons (as happened with the last unfortunately timed resignation).

The upmove is most likely due to Opex. At 6.50 pin, roughly 27k puts expired worthless while only 2k calls expired in the money.

I remember one of the pro NQ argument is none of the top level management has resigned yet. KB Teo leaving is a huge negative and the "family reasons" doesn't quite pass the smell test.

The link from yesterday posted on stocktwit (from a Chinese chat room) said KB Teo has resigned already, and NQ has not made the announcement public in fear of crashing the stock price before management lockup. The news being leaked probably forced NQ's hand in announcing Teo's resignation today.