Prince Frog International Holdings Ltd. plunged 22 percent as it traded in Hong Kong for the first time since allegations from short-seller Glaucus Research Group dropped the stock by a record last month.
Research firm Muddy Waters LLC was correct to focus on NQ Mobile Inc.’s delays in collecting customers’ payments as part of an 81-page report that labeled the Beijing-based mobile service provider a “massive fraud,” according to three accounting experts.
A decade after Sanford “Sandy” Weill stepped down as Citigroup Inc.’s chief executive officer amid a cascade of regulatory investigations and lawsuits, JPMorgan Chase & Co. CEO Jamie Dimon’s legal expenses are surpassing those of his one-time mentor.
Goldman Sachs Group Inc. ’s reputation sustained a body blow last year when the firm paid $550 million to settle a fraud claim by the Securities and Exchange Commission over its sales of a mortgage-bond deal called Abacus. The integrity of its financial statements, however, has never come under serious challenge.