Short-Seller Block Prevailing Anew as NQ Mobile Sinks
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Just as it appeared that NQ Mobile Inc. was poised to erase all of the losses triggered in October by short-seller Carson Block, the stock is tumbling again.
Investor concern was rekindled when the Chinese mobile-services provider reported weaker-than-forecast earnings on April 10, triggering a 21 percent plunge the next day that was followed by an additional 13 percent retreat today. The two-day decline is the biggest in five months and leaves NQ Mobile at $11.05, down 52 percent since Block first stated publicly that he believes the company is inflating revenue.