NQ Mobile Falls to 10-Month Low After Annual Report Delay
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NQ Mobile Inc., the Chinese mobile-service provider accused by short seller Carson Block of overstating revenue, dropped as much as 30 percent after delaying the filing of its annual report for the second time.
American depositary receipts of NQ Mobile fell to $7.62 at 1:02 p.m. in New York, their lowest level in 10 months. The shares have tumbled 68 percent since Block, founder of Muddy Waters LLC, said in October the Beijing-based company was “a massive fraud.” NQ Mobile has denied the allegation and said today that it is working to file its audited full-year results to U.S. regulators as soon as possible.