Muddy Waters Seen Right on NQ Mobile Payments, Wrong on Cash
In Bloomberg Technology news, word is that research firm Muddy Waters LLC was correct to focus on NQ Mobile Inc.’s delays in collecting customers’ payments as part of an 81-page report that labeled the Beijing-based mobile service provider a “massive fraud”. But, simultaneously, accountants, professors and a lawyer interviewed by Bloomberg News said the report’s criticism of NQ’s cash accounting and the way the Chinese company got funds from its U.S. public offering may be unfounded…
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