Ryan & Maniskas, LLP Announces Investigation Of NQ Mobile Inc.
Investigation related to allegations that NQ Mobile misrepresented efficacy of product platforms
WAYNE, Pa., Oct. 25, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP announces that it is investigating potential claims against NQ Mobile Inc. ("NQ Mobile" or the "Company") (NYSE: NQ).
If you purchased shares of NQ Mobile or convertible bonds and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A.
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The investigation is related to recent allegations that NQ Mobile, a mobile Internet security company, has misrepresented the efficacy of its product platforms and misled investors with regards to its financial performance.
Specifically, Muddy Waters Research issued a report on October 24, 2013 which alleges, among other things, that NQ Mobile's Antivirus 7.0 platform is unsafe for consumer use and at least 72% of NQ Mobile's purported Chinese security revenue is fictitious - deeming the Company a "massive fraud." Notably, the Muddy Waters Research report states that NQ's largest customer is actually itself; and NQ Mobile's actual market share in China is approximately 1.5%, as opposed to 55% as the company claims. In the hours after the release of the Muddy Waters Report, shares of NQ Mobile dropped nearly 50%. Notably, these allegations come on the heels of NQ Mobile's private placement of $173 million in convertible bonds on October 9, 2013. On October 25, 2013, the Company announced that its board of directors has formed a special committee to review the allegations.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.