{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b96-4a53a482dbdd", "slug": "cf5db6db40c9", "title": "NQ Mobile (NQ)", "subtitle": "Carson C. Block · 2014-07", "author": "Carson C. Block", "date": "2014-07-06 00:00:00", "pageCount": 5, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "NQ Mobile", "targetTicker": "NQ", "document": { "id": "019dd923-622c-750b-8b96-4a53a482dbdd", "slug": "cf5db6db40c9", "title": "NQ Mobile (NQ)", "rawTitle": "MW NQ 07062014", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "authorDisplay": "Carson C. 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To quote Mr. Khan “...based on the current [audit] schedule, the fully integrated schedule that all the parties that are associated with the process are working from, we're planning on – we're currently planning on meeting the statutory deadline for the 20F which is April 30.”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:24.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b4847f7-71b1-4ed3-8d71-540b53c1b36b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.55 }, "kind": "list", "text": "After NQ missed the second filing deadline of May 15th, Matt Mathison privately reassured investors that the audit opinion was “on the goal line”, and that PwC merely needed to perform some more compliance procedures.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:24.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f36adc7-c5bb-4665-ad69-873dcdc20036", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.72, "x": 0.14, "y": 0.17 }, "kind": "list", "text": "NQ’s June 4th release of the investigation results shows that by early June, NQ felt strongly it would not ultimately receive an unqualified audit opinion. NQ had stated on April 10th, and reiterated on April 30th, that it was going to release the final results of the independent committee’s investigation in the 20-F. However, NQ ultimately did not wait until the 20-F to release the results. On June 4th, NQ issued a press release touting the final results of the investigation. This change of plan was a clear indicator that NQ felt strongly that it would not receive an unqualified audit opinion. (The positive release also pushed the stock up 30.9% on the day, likely giving insiders another opportunity to dump stock.)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:24.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94a1c380-e392-4c2b-9a35-d493371c296c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.79 }, "kind": "paragraph", "text": "At these stock price levels, we would not be surprised to see the consideration mix for acquisitions go toward cash, given that there should be real cash in the company from the October 2013 convertible bond offering. At the same time, NQ will likely issue more bullish press releases about “partnerships” with big names (and no disclosed economics), report more terrific but fake financials, and enter into more (likely corrupt) partial sales of subsidiaries that", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:24.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cbeecc9-4471-4395-934d-3b300119d064", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.34 }, "kind": "paragraph", "text": "This latest deception is just another in a string of misrepresentations about the state of NQ’s audit.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:24.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "411353ef-9ae1-447d-9817-2811a4cd1768", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "an indication that something was going awry. Ultimately, NQ released its Q4 earnings on April 10, 2014. NQ’s failure to announce a date of earnings release until it was challenged by the J Capital report shows it did not have PwC’s buy-in to announce results because the audit was troubled.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:24.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb0e1009-5af0-4b29-b76b-d3ecb1fb4782", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.72, "x": 0.14, "y": 0.65 }, "kind": "paragraph", "text": "We believe NQ’s misleading statement that PwC wants to expand the scope of the audit, and that the board is reviewing the request, is merely to create a pretext for NQ to change auditors. In other words, NQ has likely already decided to fire PwC, or PwC has already informed NQ it is resigning. It is highly unlikely that another affiliate of a Big Four (or BDO for that matter) would touch NQ with a 10-foot pole. While the long-term game for NQ is to avoid becoming another tombstone in the graveyard of China frauds, we expect that insiders will continue to make more acquisitions in order to drain the company of value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:24.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffddbeef-0d5e-4826-9120-f9e20ecd7452", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "…based on the current [audit] schedule, the fully integrated schedule that all the parties that are associated with the process are working from, we're planning on – we're currently planning on meeting the statutory deadline for the 20F which is April 30. — Mr. Khan", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3e-76f7-b9d5-d55031f26993", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.14, "y": 0.61 }, "kind": "title", "text": "What Now?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:24.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a80f1677-02a8-430b-868c-d086142ddf42", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 2, "name": "Expose Contradiction", "beatId": "d767ddfb-ba5f-48f8-8859-a6112144b6cd", "matchId": "f4ded36b-0d1c-4d6c-aff6-08bc91ce16b2", "beatType": null, "evidence": "Slides 2-4 are labeled as 'expose_contradiction', indicating a focus on highlighting inconsistencies in NQ's reporting.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "tension", "title": "The slide uses aggressive, accusatory language ('reptilian pumping behavior', 'illegal insider sales', 'almost certainly corrupt').", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 5, "textChars": 1136, "nDataPoints": 4, "notes": "The slide uses aggressive, accusatory language ('reptilian pumping behavior', 'illegal insider sales', 'almost certainly corrupt').", "elementsJson": [ "paragraph", "bullet_list" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:51:22.308+00", "seconds": 2.7, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-4a53a482dbdd/5", "deck": "/decks/019dd923-622c-750b-8b96-4a53a482dbdd", "deckAnchor": "/decks/019dd923-622c-750b-8b96-4a53a482dbdd#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b96-4a53a482dbdd.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We base these assumptions on NQ's past reptilian pumping behavior, two recent examples of which are below.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3e-76f7-b9d6-44b7fa35bc76", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.27 }, "kind": "list", "text": "On May 30th, when the 20-F was one month overdue, NQ had the temerity to increase Q1 guidance and issue Q2 revenue YoY growth guidance of over 100%. On the same day, it also announced (an almost certainly corrupt) sale of a minority interest in FL Mobile that gave the subsidiary an implied valuation equal to NQ’s market capitalization. NQ did not even acknowledge its past due 20-F in either release. These announcements pushed the stock up 11.8% to $7.59.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:22.308+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bbb80d4-72f0-4c2d-8572-843f67823e05", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.19 }, "kind": "list", "text": "On April 30th, when it missed the 20-F filing deadline, NQ issued an uber-bullish press release that touted unofficial “no evidence found” results of the independent committee investigation, which pushed the stock up by 10.8% on the day to $12.36 (which is 2.7x NQ’s closing price this past Friday of $4.58).", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:22.308+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b002898-9fdc-4b79-be87-40db9dee88c4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.14 }, "kind": "paragraph", "text": "We base these assumptions on NQ’s past reptilian pumping behavior, two recent examples of which are below.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:22.308+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53f2e885-266e-49d0-9ffd-ebf63e8358f1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "paragraph", "text": "make NQ’s market cap seem enticingly small. If NQ does manage to pump its stock price up again, we then expect more share issuances and illegal insider sales.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:22.308+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5e21243-8806-45d4-803f-614489de790a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Villain Critique", "beatId": "3e5aa692-0db0-439d-8d09-88f3d4547baf", "matchId": "f4ded36b-0d1c-4d6c-aff6-08bc91ce16b2", "beatType": null, "evidence": "Slide 5 is labeled as 'villain_critique', suggesting a critical examination of NQ's behavior.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 2, "to": 4, "label": "Expose Contradiction", "description": "Slides 2-4 are labeled as 'expose_contradiction', indicating a focus on highlighting inconsistencies in NQ's reporting." }, { "from": 5, "to": 5, "label": "Villain Critique", "description": "Slide 5 is labeled as 'villain_critique', suggesting a critical examination of NQ's behavior." } ], "loops": [] }