Block & Leviton Launches Investigation of NQ Mobile, Inc. for Possible Violations of the Federal Securities Laws
BOSTON, Oct. 24, 2013 /PRNewswire/ -- Block & Leviton LLP (blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations involving NQ Mobile, Inc. ("NQ Mobile" or the "Company") (NYSE: NQ).
The investigation is related to recent allegations that NQ Mobile, a mobile Internet security company, has misrepresented the efficacy of its product platforms and misled investors with regards to its financial performance. Specifically, Muddy Waters Research issued a report on October 24, 2013 which alleges, among other things, that NQ Mobile's Antivirus 7.0 platform is unsafe for consumer use and at least 72 percent of NQ Mobile's purported Chinese security revenue is fictitious – deeming the Company a "massive fraud." Notably, the Muddy Waters Research report states that NQ's largest customer is actually itself; and NQ Mobile's actual market share in China is approximately 1.5%, as opposed to 55% as the company claims. In the hours after the release of the Muddy Waters Report, shares of NQ Mobile dropped nearly 50 percent. Notably, these allegations come on the heels of NQ Mobile's private placement of $173 million in convertible bonds on October 9, 2013
Block & Leviton's investigation seeks to determine, among other things, whether NQ Mobile or its officers and directors have violated the Securities Exchange Act of 1934 or any other federal securities laws. If you have any information relevant to this investigation or if you purchased NQ Mobile shares or convertible bonds prior to October 24, 2013 and have questions about your legal rights, please contact Mark Delaney at 617-398-5600 or via email at email@example.com.
Block & Leviton is a Boston-based law firm representing investors for violations of the securities laws. The firm's attorneys have collectively been prosecuting securities cases on behalf of investors for over 50 years.
This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Mark A. Delaney, Esq.
SOURCE Block & Leviton LLP
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