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  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-10-29 00:00:00",
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  "notes": "This is a research note page from a short-seller report, specifically targeting NQ Mobile.",
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      "text": "We do not believe NQ can evade liability for these statements - it is clear to us that NQ deliberately materially misrepresented market share to investors, regardless of whether the estimates came from third parties that NQ engaged.",
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      "kind": "paragraph",
      "text": "On the call, NQ fumbled quite a bit when challenged about our survey results that show it has only 1.4% market share. However, it clearly tried to distance itself from the huge overstatements of market share.",
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      "text": "In NQ’s prospectus, it cited a Frost & Sullivan study (that we are confident NQ paid for) as evidence that it had 67% market share at the time it went public. On its Q2 2013 conference call, management stated that NQ’s market share of the China mobile security marketplace was approximately 53%.",
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      "kind": "quote",
      "text": "Gavin Kim on conference call: “Next, I’ll return my attention to black hat search engine optimization. NQ unequivocally refutes the allegations filed in the report that NQ owns the domain addresses referenced in the report...\"",
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      "text": "Gavin Kim on conference call: “Now going back to your earlier question about market shares, currently, our company don’t make independent assessment of our market share. In fact, we never disclosed a single report that’s coming from the company on our market share.”",
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      "text": "Now going back to your earlier question about market shares, currently, our company don't make independent assessment of our market share. In fact, we never disclosed a single report that's coming from the company on our market share. — Gavin Kim; Next, I'll return my attention to black hat search engine optimization. NQ unequivocally refutes the allegations filed in the report that NQ owns the domain addresses referenced in the report. NQ will share our complete list of domain addresses that NQ owns and uses in our business globally to those who would like to conduct their own due diligence on our business. The natural question that may be asked then is what is for owners of these domain names to redirect traffic to NQ? It is our hypothesis that individuals or companies are interested in selling these domain names to NQ after demonstrating that they are successfully delivering page views. — Gavin Kim",
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      "text": "Lie # 9: NQ is not responsible for enormously overstating its market share.",
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      "kind": "title",
      "text": "Lie # 10: NQ does not own the trademark infringing domains, such as www.samsungsecure.com.",
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