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  "docSlug": "cf5db6db40c9",
  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2014-07-06 00:00:00",
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  "notes": "The slide uses aggressive, accusatory language ('reptilian pumping behavior', 'illegal insider sales', 'almost certainly corrupt').",
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      "text": "We base these assumptions on NQ's past reptilian pumping behavior, two recent examples of which are below.",
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      "text": "On May 30th, when the 20-F was one month overdue, NQ had the temerity to increase Q1 guidance and issue Q2 revenue YoY growth guidance of over 100%. On the same day, it also announced (an almost certainly corrupt) sale of a minority interest in FL Mobile that gave the subsidiary an implied valuation equal to NQ’s market capitalization. NQ did not even acknowledge its past due 20-F in either release. These announcements pushed the stock up 11.8% to $7.59.",
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      "text": "On April 30th, when it missed the 20-F filing deadline, NQ issued an uber-bullish press release that touted unofficial “no evidence found” results of the independent committee investigation, which pushed the stock up by 10.8% on the day to $12.36 (which is 2.7x NQ’s closing price this past Friday of $4.58).",
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      "text": "We base these assumptions on NQ’s past reptilian pumping behavior, two recent examples of which are below.",
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      "kind": "paragraph",
      "text": "make NQ’s market cap seem enticingly small. If NQ does manage to pump its stock price up again, we then expect more share issuances and illegal insider sales.",
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