NQ Mobile Erases Advance as Co-CEO’s Exit Spurs Selloff
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NQ Mobile Inc., the mobile-security company that short-seller Carson Block has alleged overstates revenue, fell in New York to end a day of price swings triggered by the third high-profile exit in five months.
The Beijing-based company’s American Depositary receipts slumped 5.1 percent to a four-month low of $5.72, after initially falling 5.8 percent, then jumping as much as 9.5 percent. The ADRs are down 75 percent since Muddy Waters LLC, the research firm founded by Block, said in October of last year that the company misrepresented cash balances and was a “massive fraud.”