nq mobile inc - adr (NQ) Key Developments
NQ Mobile Inc. Announces Board Changes, Effective July 6, 2014
Jul 3 14
NQ Mobile Inc. announced certain changes to its Board of Directors and provided a status update on its 2013 annual audit. Two new independent Directors, Messrs. Max Yao and Justin Chen, have been appointed to the Board and the Audit Committee, effective July 6, 2014. Mr. Max Yao will also serve as Chair of the Audit Committee of the Board. Ms. Ying Han, the current Chair of the Audit Committee has informed the Board that she would be stepping down from the Board due to personal reasons not related to her role at the company effective on July 6, 2014. There are no disagreements between Ms. Han in her capacity as Chair of the Audit Committee and the company. In addition, in an effort to enhance shareholder representation, the Company appointed Mr. Taek Kwon, Managing Partner of Toro Investment Partners, LP, as an adviser to the Board and is committed to adding a shareholder representative as an independent director as soon as practicable. Prior to founding Toro, Mr. Kwon was a managing director of TPG Capital focused on the global technology, media and travel sectors.
NQ Mobile Inc. Provides Revenue Guidance for the First Quarter Ended March 31, 2014 and Second Quarter of 2014
May 30 14
NQ Mobile Inc. provided revenue guidance for the first quarter ended March 31, 2014 and second quarter of 2014. The company expects first quarter 2014 net revenues to exceed the previously announced revenue guidance range of $75-$76 million, an increase of over 125% over the prior year comparable period.
The company also provided its initial net revenue outlook for its second quarter 2014. The company expects net revenues for the second quarter 2014 to be between $83 and $84 million, compared with $41.4 million in the second quarter 2013. These results reflect preliminary views and are subject to change.
eSecuritel Teams with NQ Mobile for New, Full-Spectrum Damage-To-Data Protection Offering for Customers
May 28 14
eSecuritel is augmenting its popular wireless device protection offerings by incorporating the award-winning security and privacy solutions from NQ Mobile. The new, comprehensive package, available for iOS and Android platforms, extends eSecuritel's physical device protection, bringing a bundled offering that integrates damage and loss coverage along with premium security features.
The U.S. District Court for the Southern District of New York Appoints a Lead Plaintiff in a Securities Fraud Class Action Brought Against NQ Mobile Inc
May 15 14
The U.S. District Court for the Southern District of New York appointed a lead plaintiff in a securities fraud class action brought against NQ Mobile Inc. Shareholders in NQ Mobile Inc. sued the company and certain of its officers, alleging securities fraud arising from misstatements concerning the firm's business operations. The case came before the court on competing motions for appointment of lead plaintiff. The district court noted that under the Private Securities Litigation Reform Act of 1995 (PSLRA), the claimant with the financial interest in the litigation was entitled to a rebuttable presumption of being the most adequate plaintiff entitled to appointment as lead plaintiff. The court noted that the Volin Group, which was composed of the Allene E Mossman Trust, EJ Partners and numerous trusts and individual retirement accounts held by the Volin family, sustained 'last-in, first-out' losses of $1,078,672, an amount far larger than any other movant. As a result, the court held the Volin Group was the presumptive lead plaintiff and should be selected unless it failed to satisfy the adequacy or typicality requirements of Fed. R. Civ. P. 23(a). Standing of trustee established. The court rejected the argument of the competing movants that trustee Herbert Volin failed to establish standing over the shares bought and sold by other members of the Volin Group. The court found there was no aggregation problem because the only claimed losses were those of the trusts and individual retirement accounts, which were collectively seeking appointment as lead plaintiff and were conferring authority on Herbert Volin to manage the litigation. The court separately rejected the competing movants' argument that the Volin Group presented no evidence to show its members could function cohesively and effectively control the litigation independent of its attorneys. Under applicable federal court precedent, family members were not required to make any evidentiary showing that they could function cohesively. After separately finding that the Volin Group's law firm, Scott Scott, was competent and experienced in securities fraud litigation, the district court granted the motion of the Volin Group for appointment as lead plaintiff and appointed Scott Scott as lead counsel.
NQ Mobile Inc. announced delayed 20-F filing
Apr 30 14
On 04/30/2014, NQ Mobile Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC.