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  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2014-04-13 00:00:00",
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  "notes": "This is a research note page focusing on fraud allegations and investor skepticism.",
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      "text": "If NQ reports strong Q1 2014 advertising revenue, as Mr. Khan indicates, it would be absurd given the contradiction in Mr. Khan's own comment.",
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      "text": "Making that belief even more misplaced is that these meetings are occurring in China – not Kansas City. Seasoned China businesspeople can frequently recount staged meetings that have taken place at state-owned banks.",
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      "text": "revenue comes from almost impossible to verify channels such as “third party application referrals through our mobile security products, mobile game and our advertising network platform”.",
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      "text": "Investors might feel caught off-guard by NQ’s disappointing Q4, given that some long-holders claimed to have conducted due diligence following our initial report.",
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      "text": "Why don’t we take ads? I think the format of ads on mobile phones is not mature yet. Furthermore, there is a fundamental conflict between our safety service, by its very nature, and the advertising model.",
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      "text": "\"Why don't we take ads? I think the format of ads on mobile phones is not mature yet. Furthermore, there is a fundamental conflict between our safety service, by its very nature, and the advertising model. If you want to target ads accurately, there will be privacy issues.\" — Yu Lin, NQ founder and chairman. \"Q1 is typically seasonally lower in enterprise and advertising. Yet we are seeing continued strength in these businesses, sequentially.\" — Omar Sharif Khan, Co-CEO.",
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      "text": "1 K.B. Teo, Q4 2013 conference call. 2 http://knowledge.wharton.upenn.edu/article/nq-mobiles-henry-lin-we-have-been-a-global-company-from-day-one/ 3 Omar Sharif Khan, Q4 2013 conference call.",
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      "text": "Investors Should Not be Surprised by the Q4 Loss",
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