Longbow Discloses And Quickly Sells 8% Stake In NQ Mobile

Longbow Securities revealed that it acquired an 8% stake in NQ Mobile Inc (ADR) (NYSE:NQ), the firm that Muddy Waters accused of massive fraud just six days ago, and then filed another report with the SEC that it had already sold off its position, basically making a quick buck on a recovering stock, reports Agustino Fontevecchia for Forbes.

NQ Mobile shares collapse

NQ Mobile Inc (ADR) (NYSE:NQ)’s share price collapsed after Muddy Waters released a damaging report, but the company quickly released a lengthy refutation and announced that it would bring in independent investigators to prove that it had done nothing wrong. NQ...