Need More Proof?STRONG SELL RECOMMENDATION - 600 Reasons to Sell this Dumpster Stock
141. “When a marketable “reader” failed to materialize, the company issued one press release after another that suggested amazing partnerships in the offing.” Sound familiar?
142. “The partnerships were real, though somewhat hypothetical without the reader, and they generated no revenues.”
143. “They did, however, help keep the share price afloat, and Langley routinely sold chunks of his stock.”
144. “Applied DNA’s prospects were decidedly shaky. And yet, as Giuliani later noted, “they were raising a great deal of money.” Sound familiar?
145. “The main source of that capital, however, was a dubious Manhattan investment bank called Vertical Capital Partners.” APDN now has a dubious Manhattan investment bank called H.C. Wainwright and Co.
146. Vertical Capital in just 2 years had already been fined by the NASD and suspended from underwriting for six months. In addition, Vertical’s president, Ronald Heineman was also fined.
147. “What mattered was that Vertical was getting ready to deliver $5,482,993 to Applied DNA in new capital from Wall Street investors.”
148. “When a scathing report on APDN appeared in USA Today, on March 18, 2005, Giuliani Partners awoke from its torpor.”
149. “Within three weeks, it ended its contract with Applied DNA and abandoned all hope of exercising its warrants.”
150. “It kept its fees [of] $1.25 million in all.”
STRONG SELL RECOMMENDATION - 600 Reasons to Sell this Dumpster Stock
151. On Nov. 3, 2006, Forbes published, “Strange Company.” Here’s what it said. “The most controversial deal ever made by Giuliani Partners was struck in mid-2004 with Applied DNA Sciences, then backed by Richard Langley Jr.”
152. “Its main asset was a licensing deal with a Taiwanese outfit that could supposedly outsmart counterfeiters by inserting plant genes into products.”
153. “In 2002 the company had done a reverse merger…that resulted in Langley's RHL Management getting 5.5 million shares.”
154. “For a while Langley worked as Applied DNA's vice president in charge of p.r.”
155. “He left that job but was still the company's largest shareholder when Giuliani Partners signed on to help develop and market the technology.”
156. “The [Giuliani law] firm accepted $2 million and promises of stock.”
157. “But in March 2005 USA Today reported on Langley's sordid past: In 1999 he had pleaded guilty to conspiracy to commit wire fraud and commercial bribery in connection with a penny stock called Pollution Controls International.”
158. “Court documents show Langley had tried to bribe a law enforcement official posing as a broker willing to pump up Pollution's shares.”
159. “It also turned out that Applied's investment bank, Vertical Capital, had twice been fined by the NASD.”
160. “Giuliani Partners quietly deep-sixed its contract but still collected $1.3 million.” Around Nov. 2006, APDN’s stock traded for 10 cents.