SP today

[js253]

Has anyone communicated with Management today? If so, can you summarize what they've said. Thanks.

I got an email from Kim Titus, doesn't say much. Talked about a fake tweet out there saying PwC has resigned, NQ's team is still working w/ PwC on the 20F, but no timeline.

The fake tweet isn't the issue though, the stock was selling off well ahead of that already, perhaps it's a planned move knowing that tweet would come, who knows.

[Mountainbiker]

Has anyone communicated with Management today? If so, can you summarize what they've said. Thanks.

I got an email from Kim Titus, doesn't say much. Talked about a fake tweet out there saying PwC has resigned, NQ's team is still working w/ PwC on the 20F, but no timeline.

The fake tweet isn't the issue though, the stock was selling off well ahead of that already, perhaps it's a planned move knowing that tweet would come, who knows.

That tweet had been "tweeted" before. This is the second time that it has appeared from the same SOB...!

[cliu89]

NQ Mobile (NQ) Says PWC Remains Auditor, No Timeline on 20-F - Bloomberg
2:52 PM ET, 06/11/2014 - Street Insider
NQ Mobile (NYSE: NQ) Says PWC Remains Auditor, No Timeline on 20-F - Bloomberg

NQ Mobile (NQ): Fake Twitter Account Taken Down
2:45 PM ET, 06/11/2014 - Street Insider
NQ Mobile (NYSE: NQ) stock was active Wednesday amid rumors PwC resigned as the company's auditor. The validity of a Xinhua Twitter account was questioned by traders and the fake account was eventually taken down.

[thecrazykevy]

The stock was already down over 10% before the fake tweet came out. And then it only went down another 2-3% at most afterwards. So it wasn't the fake tweet that caused the selloff today.

[Mountainbiker]

Damage had been done to the SP. And now the filing of the 20F continues, gap had been filled. Now the weekly and monthly options are in control...

[admin]

Could it be that the 'no timeline' issue points at them working together to shore up NQ's control mechanisms?

One way I've been thinking about this is that it won't be all that easy for PwC to resign or even qualify their audit as this is an implied admission they let things slip in the past, which I think they would like to avert, if at all possible.

So it would be better for them to work with NQ to shore up their controls. Better for both, needless to say..

Keep in mind I'm not an accountant..

[js253]

At this point, the word "logic" and NQ probably doesn't go together, but what the hell,

Per NQ's 4/30 PR, PwC has seen first hand and used information from IC's work. As many have pointed out, PwC would never sign off on the 20F until the IC's report is done. Now, flip the argument, would IC and D&T release the "no fraud" finding only to have PwC resign or give a qualified opinion 2 weeks later? That would be a slap on Shearman and D&T's face, and not to mention call into question prior work done by PwC. So, I still see a qualified opinion as a low probability event.

[Mountainbiker]

I think you are right. The volatility in the SP is the last attempt by the shorts to close their positions. Unfortunately, there are many momo traders in the stock now and hence the 10% +/- move that we are witnessing.

[xcelmike]

The Company intends to report the final results of the investigation in connection with the filing of the Company's annual report on Form 20-F. The Company expects to file its annual report as soon as practicable following the conclusion of the investigation and the completion of the review of its financial statements by its independent auditor.

From the April 30th PR. It clearly states the independent auditor(PwC) will have to review the D&T before filing 20-F. We just have to wait and be patient. Today was despicable but we have fallen for other reasons as stated here

I just wish the company and PwC would issue a joint PR talking timelines from PWC to sooth the jittery nerves. I know they have killed themselves with missed deadlines but something has to be said and the better from PwC. I really don't understand why something this simple can't be put out

[thecrazykevy]

The "No Timeline on 20-F" comment makes it sound like 20-F still has ways to go.