Longbow Securities Makes a Couple Rare Moves in NQ Mobile

In a new 13G filed earlier today with the SEC, Longbow Securities reported an 8.04% stake in NQ Mobile Inc (ADR) (NYSE:NQ). Shares of the Wi-Fi and Wi-Max company have lost over 40% in the last ten days on allegations by Muddy Waters that NQ is a fraud.

NQ Mobile Inc (ADR) (NYSE:NQ)

UPDATE: In a second filing, which came about an hour later, Longbow reported selling off its entire position in NQ. The date of the event for the second filing is October 28, which is only 3 days after Longbow purchased shares of NQ.

So, the move made by Longbow into NQ was a very short-term trade. It is odd that both moves have been reported publicly in such a short amount of time, but then again, seeing a stock drop nearly half of its market value in a couple days is a rare event too.

Disclosure: none