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NQ Mobile (NQ) Investor Toro Says Recent Movement Driven by 'Speculation'; Has Added Slightly to Position

April 15, 2014 2:24 PM EDT

NQ Mobile (NYSE: NQ) holder Toro Investment Partners is commenting on Tuesday's move.

According to Bloomberg, Toro Investment Partners CIO Taek-Geun Kwon commented, It is all driven by speculation that the company’s special committee investigation is not going well. It has nothing to do with the company’s fundamentals.

Kwon also said that NQ's ability to release quarterly numbers ahead of issuing an audited annual report is a sign of confidence from the company. The investor noted that NQ was profitable and generated positive free cash flow in Q1 ahead of unrelated charges.

Deadline for NQ to submit an audited 20-F report to the U.S. SEC is April 30th. Kwon sees NQ submitting the filing in a timely manner.

Since Toro's last filing, which showed the hedge fund holding about 1.77 million shares, or 3.5 percent of total outstanding, Kwon said the firm added a small amount of NQ stock.

Shares of NQ are up 7.9 percent in afternoon trading.



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