Wites Law Firm is announcing their investigation of NQ Mobile, Inc. (“NQ Mobile” or the “Company”) (NYSE: NQ). On October 24, 2013, Muddy Waters Research announced a “strong sell” rating on NQ Mobile stock, calling the Chinese developer of mobile security software a “massive fraud.” The Muddy Waters report asserts that NQ Mobile has greatly exaggerated its true financial performance and its market share in China. On October 24, 2013 following this news, NQ Mobile’s stock price declined by $10.79 per share, more than 47%, to close at $12.09 per share. On October 25, 2013, NQ Mobile responded to the Muddy Waters allegations and accusations in a press release that asserts that the Company “believes that the allegations and accusations . . . are false and inaccurate.” However, the Company also announced that its board of directors has formed a special committee to review the allegations.
If you are an investor who purchased NQ Mobile stock you may have a legal claim against the Company and could serve as the lead plaintiff in a class action lawsuit. If you are interested in being the lead plaintiff, or would like to speak with an attorney about your legal rights, contact the attorneys at Wites Law Firm by email at info@witeslaw.com or toll-free at 1 (866) 277-8631.
Wites Law Firm, is a law firm with offices in Oakland, California and Lighthouse Point, Florida, with expertise in the representation of investors in securities fraud and investor litigation claims. You may visit our website atwww.wklawyers.com.
