NQ Mobile Inc.
|Company Name||NQ Mobile Inc.|
On February 6, 2018, a report was published on the website Seeking Alpha entitled "NQ Mobile: Undisclosed Transfer Of Subsidiaries To Chairman Introduces Significant Risks - Price Target $0." Citing a review of Chinese corporate records, the report's author concluded that "insiders control Tongfang Investment Fund, the firm that recently acquired NQ's mobile gaming and video businesses" and stated that "[o]ur research leads us to doubt every aspect of the transaction, including the cash payments and the $270 million note receivable, which together represents over 100% of NQ's market cap."
On this news, shares of NQ fell $1.30, or 43.6%, to close at $1.68 on February 6, 2018, thereby injuring investors.
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