China Trading Stocks

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Muddy Waters To NQ Mobile: Your Auditor Is Biased
October 27, 2014, 11:20 A.M. ET

By Shuli Ren

I just received an emailed rebuttal from Muddy Waters‘s public relations representative regarding NQ Mobile‘s (NQ) press release today that it was cleared of fraud. Here is what the famous short-seller Carlson Block has to say:

“NQ remains a massive fraud, but its 20-F filing today was no surprise. After dismissing PwC, NQ specifically chose Marcum and its principal Drew Bernstein as its auditor because they have publicly criticized short sellers in the past, and have issued clean audit opinions on numerous questionable Chinese reverse-merger companies. The timing of the filing was no surprise either, given the substantial recent run-up in the stock price, as insider trading clearly continues to be rampant in this stock. We hope regulators will step in soon before further damage is done to investors.”

NQ Mobile rose 6.2% in recent trading.

http://blogs.barrons.com/asiastocks/2014/10/27/muddy-waters-to-nq-mobile-your-auditor-is-biased/