NQ Mobile (NYSE: NQ) said that the company´s board of directors has formed an independent special committee to conduct an independent review of the allegations raised in a report issued by Muddy Waters dated October 24, 2013.
The special committee is comprised of four independent directors of the company, Ying Han and Messrs. William Tiewei Li, Xiuming Tao and Jun Zhang, with Han being the chairwoman of the committee. The committee is authorized to retain independent advisors in connection with its investigation.
NQ Mobile believes that the Muddy Waters report contains numerous errors of fact, misleading speculations and malicious interpretations of events. Nevertheless, in order to provide the highest level of transparency to its shareholders, the board of directors of the company has formed the independent special committee to review the allegations, and management will cooperate with the committee in the investigation.
NQ Mobile is a leading global provider of mobile Internet services. For more information on NQ Mobile, visit http://www.nq.com/.