Insiders passing on info before disclosure to the publicIt is so obvious that insiders have been passing on information to friends regarding soon to be released negative news. On Tuesday afternoon, the day before the press release of the financing of US$12M at $4.13 there was massive selling late in the afternoon when the stock market was up. The next morning the stock plummeted on the news of dilution at a huge discount to the previous daystmarket price Loyal Shareholders got screwed.
Likewise, this afternoon after 2:30PM when the market was up big time, there was massive selling in the Canadian dollar shares, then after the close there was a lack lustre press release that we had all been waiting for since January. After the press release tonight the US$ listied stock was up after market but then dropped 3% below the days closing price.
This should be reported and investigated. We are no playing with the big boys on the Nasdaq so more due diligence is required and moves like this will be scrutinized. Hope the Canadian market reacts positively in the moring to the news.