NQ Mobile Starts Independent Review As Promised

NQ Mobile Inc (ADR) (NYSE:NQ) has set up an independent review as promised, bringing in the law firm Shearman & Sterling to work with the forensic accounting team at Deloitte & Touche to refute allegations brought by Muddy Waters two weeks ago. NQ has also transferred another $13 million to Standard Chartered, reaching $54 million out of $100 million the company said that it would transfer as proof that it has plenty of cash on hand.

NQ Mobile retaining law firm

“NQ Mobile Inc (ADR) (NYSE:NQ) moved very quickly to retain law firm Shearman & Sterling who in turn has engaged the forensic accounting group at...