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What: Shares of NQ Mobile (NYSE:NQ) jumped by as much as 34% Tuesday after the company reported the findings of its special committee's independent investigation of fraud alleged by noted short seller Muddy Waters.

So what: Specifically, NQ Mobile detailed a broad-reaching investigation that explored various topics, including verification of cash balances, interviews with employees, looking into major business partners, and reviews of NQ Mobile's major acquisitions, company databases, and devices and email records from NQ management. As a result, NQ Mobile states, "The Investigation Team did not find any evidence that the Company had engaged in the fraudulent conduct alleged by Muddy Waters."

On that note, the investigation team did make "a series of recommendations to further enhance the Company's internal controls," which NQ Mobile states it is already in the process of implementing.

Now what: Curiously, however, one paragraph does state the team "could not verify that the devices it collected and copied contained all responsive information at the time the copies were made." It goes on to elaborate, "On many devices, the Investigation Team observed indications that some information might be missing, and the Company's management and staff were unable to provide a credible explanation for what the Investigation Team observed." 

Then again, this isn't exactly a surprise to Carson Block of NQ Mobile, who has long insisted independent committees are ineffective at rooting out malfeasance. To be sure, Block already responded via email to insist NQ Mobile is "unequivocally a fraud," and that "This press release is just another in a long line of whitewashes carried out by China companies that are defrauding U.S. investors, written by directors in China who have no accountability to U.S. authorities."

All things considered and despite today's release, I still just can't get behind NQ Mobile here.

Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.