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  "docSlug": "69cc18cfe079",
  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-10-24 00:00:00",
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      "text": "With one exception, NQ's real management (i.e., those perpetrating the fraud) are sloppy – to the point of being comical – fraudsters.",
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      "text": "NQ's auditor has clearly done a sloppy job. The auditor failed to ensure that disclosures about cash balances by entity are correct. It permitted NQ to reclassify significant costs from Cost of Sales to R&D.",
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      "text": "NQ's cash balances are highly likely to not exist. The classification of all of NQ's cash and equivalents as Level 2 assets raises massive red flags.",
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      "text": "The one intelligent move NQ made to further its fraud is putting in place the veneer of US management – particularly “Co-CEO” Omar Khan. It is clear that his stock package is worth close to $100 million.",
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      "text": "NQ's acquisitions are highly likely to be corrupt. Analysis of SAIC files of certain of NQ's acquisitions shows inconsequential businesses with very little capitalization.",
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      "text": "With one exception, NQ's real management (i.e., those perpetrating the fraud) are sloppy – to the point of being comical – fraudsters. They broke – with flying colors – the cardinal China fraud rule of not getting into trouble in China.",
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