Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of NQ Mobile, Inc. (NYSE:NQ) fell nearly 30% Thursday morning after the Chinese mobile Internet services company delayed filing its annual report for the second time.

So what: In a press release today, NQ states it "continues to work to file its annual report for the year ended December 31, 2013 as soon as possible." NQ then notes it previously disclosed on April 30 it "needs additional time to complete it."

However, investors are unsettled today because NQ Mobile was originally supposed complete the report by the end of April -- the deadline imposed by the SEC for the year-end filing -- but on April 30 filed for a 15-day extension. Those 15 days have now come and gone.

Now what: On one hand, with the first delay on April 30, NQ did state it was awaiting the conclusion of a six-month investigation of its independent auditor into allegations of fraud by short seller Muddy Waters, so it could simply still be at the mercy of the investigation. At the time, shares popped when NQ assured investors the team had "thus far found no evidence" of such fraud.

On the other hand, Muddy Waters' Carson Block has long maintained independent auditors are ineffective at identifying fraud in such cases. This in mind, I've already made clear my preference for avoiding shares of NQ until this entire debacle has passed. Whether the allegations have any merit or not, I'm sticking to my guns here.