Independent Special Committee of NQ Mobile Board Retains Shearman & Sterling LLP, assisted by Deloitte & Touche Financial Advisory Services Limited, for Independent Review
DALLAS and BEIJING, Nov. 1, 2013 /PRNewswire/ -- NQ Mobile (NYSE: NQ), a leading global provider of mobile Internet services, announced today that the Independent Special Committee of its Board of Directors has retained the global law firm of Shearman & Sterling LLP to advise it in connection with its independent review of the allegations raised in a report issued by a short-seller research company dated October 24, 2013. Shearman & Sterling has engaged Deloitte & Touche Financial Advisory Services Limited as forensic accountants to assist it in the matter.
The engagement of Shearman & Sterling LLP and Deloitte & Touche Financial Advisory Services Limited reflects the Independent Special Committee's commitment to thoroughly address the allegations, and is representative of the full transparency with which the Company and the Board have responded to this matter.
As previously announced, NQ Mobile believes that the short-seller's report contains numerous errors of fact, false suppositions and malicious interpretations of events. Nevertheless, in order to provide the highest level of transparency to its shareholders, the Company's Board of Directors formed the Independent Special Committee on October 25, 2013 to conduct a review of the allegations.
Safe Harbor Statement
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About NQ Mobile
NQ Mobile Inc. (NYSE: NQ) is a leading global provider of mobile Internet services. NQ Mobile is a mobile security pioneer with proven competency to acquire, engage, and monetize customers globally. NQ Mobile's portfolio includes mobile security and mobile games as well as advertising for the consumer market and consulting, mobile platforms and mobility services for the enterprise market. As of June 30, 2013, NQ Mobile maintained a large, global user base of 372 million registered user accounts and 122 million monthly active user accounts through its consumer mobile security business, 87 million registered user accounts and 16 million monthly active user accounts through its mobile games and advertising business and over 1,250 enterprise customers. NQ Mobile maintains dual headquarters in Dallas, Texas, USA and Beijing, China. For more information on NQ Mobile, please visit http://www.nq.com/.
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