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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": "2013-11-06 00:00:00",
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  "notes": "This is a short-seller research note page exposing a specific company's fraudulent business practices.",
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      "text": "If the following does not convince an investor that NQ’s YDT narrative is fabricated, then the investor is either too emotionally invested in the stock, or is gullible enough to still believe in Santa Claus.",
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      "text": "revenue: $35 million",
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      "text": "NQ’s largest purported source of revenue, Yidatong (“YDT”), is controlled by NQ, and its primary purpose is facilitating NQ’s fraud. Believing NQ’s narrative of YDT – that YDT is an independent company annually facilitating billing of approximately $35 million for a variety of developers – at this point requires investors to suspend reason.",
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      "text": "In order to believe NQ’s narrative, you need to believe: Despite deriving 40% of its business from developers other than NQ, NQ has no interest in being contacted by anybody – including potential clients.",
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      "kind": "paragraph",
      "text": "As we wrote in our initial report, we visited 10 potential YDT addresses. These addresses generally came from YDT’s government filings, NQ’s SEC filings, online research, and even YDT’s own website. Most of these addresses do not even physically exist.",
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      "kind": "title",
      "text": "Muddy Waters, LLC NQ: Maintaining <$1 price target November 6, 2013",
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      "kind": "title",
      "text": "If You Believe in Yidatong (NQ’s Largest Purported Revenue Source), You’ll Believe in Santa Claus",
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