I wonder whether Qoooooo'! might also be (more?) appropriate here.
No. It's definitely a denial of the information, not a refusal of any action.
I always interpreted it as "I refuse to (or am unwilling to) accept the truth of that statement" rather than "No, you're not; your statement is false".
But I suppose it could be taken either way.
teHbe'! teHbe'! qItbe' 'oH!