Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

NQ Mobile dismisses PwC as independent auditor

[July 18, 2014] ( Reuters) - NQ Mobile Inc, a Chinese mobile security software maker facing allegations of fraud from short-seller Muddy Waters Research Group, said it dismissed PricewaterhouseCoopers Zhong Tian LLP as its independent auditor.

NQ shares fell 11 percent before the bell.

PricewaterhouseCoopers Zhong Tian said in June that it needed to expand the scope of NQ's 2013 audit.

NQ, which hired Marcum Bernstein Pinchuk LLP as its new auditor, did not give a reason on Friday for the dismissal of PricewaterhouseCoopers Zhong Tian.

In October, Muddy Waters called NQ a "massive fraud," a charge the Chinese company rejected.

(Reporting By Subrat Patnaik in Bangalore; Editing by Kirti Pandey)

[© 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.