{
  "docId": "019dd923-622c-750b-8b96-3c5911c95e3b",
  "docSlug": "2e1719f8e47d",
  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-12-19 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 5,
  "pageCount": 9,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "The slide uses stock charts to visually demonstrate the failure of internal investigations to protect shareholder value.",
  "elementsJson": [
    "line_chart",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-3c5911c95e3b/5",
  "deckHref": "/decks/019dd923-622c-750b-8b96-3c5911c95e3b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-3c5911c95e3b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-3c5911c95e3b#slide-5",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Investors have lost 99.5% of their equity investment since the announcement.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bec1-1e9fefa3d7fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.72,
        "x": 0.14,
        "y": 0.56
      },
      "kind": "chart",
      "text": "Stock chart for China Integrated Energy Inc.",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "433367c5-3293-42ea-985e-c424973377c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.72,
        "x": 0.14,
        "y": 0.12
      },
      "kind": "chart",
      "text": "Stock chart for ChinaCast Education Corp showing 99.5% decline.",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bfeebc57-fac3-4980-94af-45cfff43ed91",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.35
      },
      "kind": "list",
      "text": "On May 24, 2012, the company announced that its independent committee investigation into allegations of fraud made by short sellers found that the allegations were baseless.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3324dbba-2a27-4924-af99-94e62d443908",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.5
      },
      "kind": "list",
      "text": "Investors have lost over 80% since short-sellers first alleged fraud into the company.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b823fbb2-c9ac-47de-95a6-9e8bdec1af8b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.14,
        "y": 0.79
      },
      "kind": "list",
      "text": "On July 30, 2009, the company announced that the independent committee formed to investigate fraud allegations had concluded the investigation has not identified evidence to support the allegations.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e31a8152-15ba-4705-89b0-4a481493a5bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "equity value: 99.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bec1-24a0482cf0e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Investors have lost 99.5% of their equity investment since the announcement.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9719b7db-3221-4560-8ba5-6a94bf10f579",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Although the specific findings and conclusions of the Committee, as advised by its legal and forensic accounting professionals, remain privileged, the Company announced that the Committee has informed it that the Committee is satisfied that the vast majority of the short sellers' claims were baseless.\" — China Integrated Energy Inc.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bec1-20e9267fff6f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.14,
        "y": 0.32
      },
      "kind": "title",
      "text": "China Integrated Energy Inc.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3157fe7d-0097-4494-ab25-579fc11b283e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.14,
        "y": 0.76
      },
      "kind": "title",
      "text": "China Medical Technologies, Inc.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7f38a45-5d21-46b5-8c96-b539f7fc6727",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "480a32bc-9f0c-47e6-93f9-99c09f4ad541",
      "evidence": "The slide systematically presents company claims of innocence alongside market evidence of value destruction.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 7,
      "from": 5,
      "beatId": "f4b66509-3e4c-45bb-93d8-b961acca7488",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Examples of independent committee dysfunction",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}