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  "documentTitle": "NQ Mobile (NQ)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2014-04-13 00:00:00",
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  "notes": "This is a text-heavy research note page from a short-seller report (Muddy Waters) regarding NQ Mobile.",
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      "text": "In Q4, NQ insiders made clear they lack of confidence in the future of the company.",
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      "text": "Investors should remember that in NQ's stock fraud, there are hundreds of millions of dollars in illicit profits at stake, and roughly zero chance that anybody on the China side who colludes with management will ever be punished.",
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      "text": "In Q4, NQ insiders made clear they lack of confidence in the future of the company. In response to our initial report, NQ announced that senior management would demonstrate its “strong confidence in the company” by buying (a token amount of) shares...",
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      "text": "But didn't investors confirm NQ's cash balances?",
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      "text": "Did NQ really post $103 million in cash in its Beijing Standard Chartered account in November 2013? We cannot say for sure because NQ has refused to allow us to verify the balance in that account...",
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      "text": "In our initial report, we failed to mention that NQ's purported cash balance was exactly the same as the amount of money it has raised since inception. In other words, its cash balance shows nothing about the veracity of its reported revenues.",
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      "text": "On November 12, 2013, NQ issued a press release titled “NQ Mobile Announces Senior Manager Share Purchase Plan,” which told investors that senior management was willing to commit an aggregate of $3 million to buy shares.",
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      "text": "4, 5, 6: Citations to Bloomberg, Forbes, and ValueWalk.",
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