Well that didn’t go so hot…
Omar Kahn, The CEO of Chinese Mobile company NQ just gave an interview on Bloomberg TV to defend his company from allegations from investment firm Muddy Waters and the stock just started plunging again.
When Kahn started the interview, the stock was down 4.5%, and now it’s down 16%.
Yesterday Muddy Waters published a report saying the firm was a straight up fraud — that its number of paying users was inflated, and that it was counting revenue that simply didn’t exist. On that report, the stock plunged a whopping 57% and trading was halted until this afternoon.
Today Kahn said Muddy Waters’ allegations were “nonsense.”
Looks like the market doesn’t agree:
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