Post by
scissors14 on Jul 23, 2019 1:53pm
Class Action Suit
I participated in the last raise at 74 cents. There was no mention of a 15 for 1 reverse split. There was no liquidity as the shares were halted. So the 74 cent shares, after applying the split, now have a cost of $11.10.
Coming off a halt to find your $11.10 shares are now worth less than $2 is shocking. The lack of disclosure during the last raise would seem worthy of legal action. The salaries are high and the office is prime high end real estate. It's a great gig for those who have done nothing but destroy shareholder value over the years.
Bottom line is this management group cannot be trusted to create shareholder value. The image portrayed and numbers that were promised once upon a time made up a good story. Shareholders now know it was and still is fantasy. Management will have trouble raising capital when they soon go back to the market for more money. Brokers and investors burned in the last couple of raises are gone forever just like I am.