According to the filed Complaint, NQ Mobile, Inc. ("NQ") is a global provider of mobile Internet services. NQ’s portfolio includes mobile security and mobile games as well as advertising for the consumer market and consulting, mobile platforms and mobility services for the enterprise market.

The Complaint states that NQ’s initial public offering was on or about May 5, 2011. On September 20, 2013, NQ announced that its third quarter 2013 profits would be between $50-$51 million. On October 7, 2013, NQ announced that it granted up to $150,000,000 in convertible senior notes due in 2018 to Morgan Stanley & Co. International PLC and Deutsche Bank Securities, Inc., who was closely monitoring them. On October 24, 2013, it was reported by a securities brokerage firm (Muddy Waters) that: (a) NQ is a massive fraud. At least 72% of NQ’s purported 2012 China security revenue is factitious. NQ’s largest customer by far is really NQ. Their research estimates that NQ’s real market share in China is only about 1.5% versus the approximately 55% it reports. It did estimate that its China paying user base is less than 250,000 versus the six million NQ claims.

On October 24, 2013, NQ, which is listed on the NYSE, opened at $23.00 and closed at $12.09. Stock trading had been halted.

On October 23, 2015, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved on November 17. On March 11, 2016, the Court granted final approval of the Settlement and dismissed this case.