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The company's shares fell as much as 13 percent
in early trading on the New York Stock Exchange.
NQ Mobile said Teo's resignation, effective Aug. 22, was not
related to the company's operations, policies or accounting
practices.
The company has faced repeated allegations of fraud from
short-seller Muddy Waters Research Group. The company dismissed
its independent auditor, PricewaterhouseCoopers Zhong Tian LLP,
in July.
The chairwoman of NQ Mobile board's audit committee, Ying Han,
stepped down in July, citing personal reasons. (http://bit.ly/1oUXdFZ)
NQ Mobile said on Friday it was confident of the accuracy of all
its previously reported financial reports and filings.
Albert Fried & Co analyst Sachin Shah said Teo could have left
after the company filed its results, which have already been
delayed.
"That would have been the best case scenario. It's very hard for
the market to digest that he is leaving for personal reasons in
light of the fact that there is pending work," he told Reuters.
The company, which was due to file its annual report in May,
said it needed additional time to file the report.
Teo joined NQ Mobile as chief financial officer in September
2013. He was the lead banker for NQ Mobile's initial public
offering on the New York Stock Exchange in 2011, according to a
profile on the company website. (http://bit.ly/1pwBbcA)
Vincent Wenyong Shi, the company's co-founder and chief
operating officer, will be acting chief financial officer, NQ
Mobile said.
NQ Mobile received a buyout offer last month from investment
firm Bison Capital Holding Co for about $490 million, after the
company sold a small stake in its unit, FL Mobile, to Bison in
May.
NQ Mobile's shares were down 1.4 percent at $6.32.
(This story has been refiled to correct paragraph two to say NQ
Mobile trades on NYSE, not Nasdaq)
(Reporting by Abhirup Roy and Soham Chatterjee in Bangalore;
Editing by Don Sebastian)
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