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The audited financial results contain no qualification and no adverse findings and are consistent with the Company's previous financial disclosures and reports. They follow an extensive review of the business and financial affairs of the Company that was undertaken by several highly reputable firms, including the global law firm of
Among many other conclusions,
- The Company's cash (and cash equivalents) of approximately
$283 millionas of December 31, 2013was verified and found consistent with public disclosures and major expenditures were confirmed as having been incurred for legitimate business purposes.
- The Company's acquisitions were evaluated using reasonable metrics and internal due diligence processes, and those acquisitions have contributed to increasing the Company's revenue and user traffic.
- The Audit Committee was able to conclude that there was no evidence of an effort within the Company to delete any documents relevant to the Special Committee's investigation. Additional, highly specialized, forensic examination of devices where there was an indication that information might be missing as identified by the Special Committee was conducted by
Control Risks Group, at the direction of DLA Piper LLP, and the examination protocol was reviewed by Stroz Friedberg. As a result of this examination, Control Risks Groupand DLA Piper LLPwere able to recover and review many files from the subject devices that were deleted prior to and subsequent to the publication of the Muddy Waters report but prior to the collection of data from those devices by the Special Committee. None were relevant to the fraud allegations or the Special Committee's investigation.
"We are pleased to be able to return our full attention to growing our business and increasing long term value for our shareholders," said
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Sherry Smith, MWW for NQ Mobile, +1-646-797-3139, email@example.com; or Kim Titus, NQ Mobile, +1-972-841-0506, firstname.lastname@example.org