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SHAREHOLDER ALERT: Lawfirm Is Investigating Ominto, Inc.
for Potential Breaches Of Fiduciary Duty By Its Board of Directors
PR Newswire
NEW YORK, Jan. 4, 2017
NEW YORK, Jan. 4, 2017 /PRNewswire/ -- Purcell Julie & Lefkowitz LLP, a class
action law firm dedicated to representing shareholders nationwide, is
investigating a potential breach of fiduciary duty claim involving the board
of directors of Ominto, Inc. (OTC: OMNT).
If you are a shareholder of Ominto and are interested in obtaining additional
information regarding this investigation, free of charge, please visit us at:
http://pjlfirm.com/ominto-inc/
You may also contact Robert H. Lefkowitz, Esq. either via email at
rl@pjlfirm.com or by telephone at 212-725-1000. One of our attorneys will
personally speak with you about the case at no cost or obligation.
Purcell Julie & Lefkowitz LLP is a law firm exclusively committed to
representing shareholders nationwide who are victims of securities fraud,
breaches of fiduciary duty and other types of corporate misconduct. For more
information about the firm and its attorneys, please visit
http://pjlfirm.com. Attorney advertising. Prior results do not guarantee a
similar outcome.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert-purcell-julie--lefkowitz-llp-is-investigating-ominto-inc-for-potential-breaches-of-fiduciary-duty-by-its-board-of-directors-300385397.html
SOURCE Purcell Julie & Lefkowitz LLP
Website: http://www.pjlfirm.com
Another 500K shares free of charge. This is so pathetic. Michael Hansen is a thief.
He's a piece of trash and a complete scumbag. He'll get what he deserves soon enough.
Today Michael Hansen was appointed CT, or as they prefer to call it CEO. Whats a CT, I hear you ask, well it translates into Chief Thief....
on the positive side, the new website is up. It looks good actually, Ominto might be able to fool enough new subscribers, for s limited time of course.
Unsurprisingly, Ominto continues to delay its quaterly reports.
And here is why:
The Company's results of operations for the quarter ended March 31, 2016 are significantly different than its results for the quarter ended March 31, 2015. Specifically, selling, general, and administrative expense has increased from approximately $3.0 million in the 2015 fiscal first quarter to approximately $3.3 million in the 2016 fiscal first quarter. Losses from continuing operations increased from $2.0 million in the quarter ended March 31, 2015 to approximately $2.3 million in the quarter ended March 31, 2016. The primary cause for the increased loss from continuing operations was higher selling, general, and administrative costs mostly attributed to higher payroll and severance costs for executive level employees.
In other words, business as usual, losses upon losses. We will probably see another dilution this quareter.
What happened to the new marvellous website ? The website Michael Bogus Hansen used as bait for new investors in november 2015, a webiste that according to the investor-memorandum would ensure more customers than Facebook. Launch late december 15, well your guess is as good as mine.
I don't claim to have any inside knowledge about this company, it's BOD, or Hansen. I just bought stock, use their shopping mall to get cash back, and hope the company does well. All I have to go on is my experience with their product - which has been good - and the info they release in SEC filings, etc.
You have claimed that you have knowledge that Hansen is a criminal, and thus belongs behind bars. I've asked you to elaborate.
Don't be angry. I'm just trying to stay informed.
I am to elaborate ? that is an interesting point from a promoter of this POS-stock, whose analytical contributions has so far been extraordinarily factbased, such as these beauties from summer of 2015,
Dexter 70
I respect your opinion, but the proof is usually in the quarterly financials, due any day now. Positive things are happening, imho. At the end of the day, it's all about profitability, and pps. We'll see.
I'm in for the long ride. It'll take awhile, but I think the BODs, etc, can make this thing work.
followed by this from august,
Dexter 70
These clowns better post a great quarterly financial report this week. This is one depressing stock to own, right now....
unquote
Anyway, I'll grant you that the proof is in the quarterly financials, which I bothered to read and reviewed. Not limited to hot-air-bravado oneliners but specifically on the crucial numbers and the recent mismanagement in this bogus company, with the"leadership" in total disarray. So much for the "worldclass" BOD
Can you please direct me to one of yours ?
Please elaborate. Reciting your wife's knowledge of 'shady deals' is very nonspecific. And, it's not 'firsthand knowledge.
Elaborate.
my wife has worked for their accounting firm. I know all the shady deals
Please state your 'first hand knowledge' concerning why you think Hansen belongs in jail.
But lets stay with the filings for a brief moment.
I know most of you cannot be bothered with facts, but the quarterly report states that without taking in additional 1,6 million USD the cash at hand would be less than 500,000 USD at the start of this quarter.
Now taking in consideration that the company has a burn rate of approx. 2 million dollar per quarter, and that amounts owed to the former officers under the severance agreements total approximately $381,000, as well as paying Mr. Crook Hansen the remaining balance of outstanding advances total of approximately $0.4 million on January 8, 2016; it is safe to say that cash is not only strained, its practically nonexistant
All in all you see a ship heading full speed ahead toward the nearest iceberg. Which is probably why two of the newly appointed hotshots also leave
On January 25, 2016, Jeff Schuett, Executive Vice President of Operations and Technology Solutions, ceased employment with the Company. The Company entered into a severance agreement with Mr. Schuett which provides him four months of regular pay.
On February 1, 2016, Tom Vogl, Chief Marketing Officer, ceased employment with the Company. The Company entered into a severance agreement with Mr. Vogl, which provides him four months of regular pay.
oh, and here is another smashing paragraph.
We have incurred losses since our inception. We do not have sufficient cash to fund normal operations and meet debt obligations for the next twelve (12) months without deferring payment on certain current liabilities and raising additional funds. For the fiscal year ended September 3, 2015 we incurred a loss from continuing operations of $12.2 million and had negative cash flows from continuing operations of $5.2 million. We had an accumulated deficit for the period from our inception through September 30, 2015 of approximately $49.3 million. As a result, we had a working capital deficit of approximately $10.7 million as of September 30, 2015. These factors raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.
So, advice is to get the fuck out while you can, or at least stop promoting this worthless bunch of crooks led by the infamous barkeeper Michael Hansen
Dexter70, I do have firsthand knowledge, which is why I can say without the slightest doubt or hesitation that Michael Hansen belongs in jail.
Just look at the numbers, the Company is not struggling, it is being robbed at broad daylight. And its and inside job
Agreed. That's the spirit!
Stock should continue to move up, from here. Launching new platform very soon...
Of course you have to be positive. I met personally Hansem and I know that this company will succeed. Technology changes fast and they adapt. This is the year!
Billionaire Hansen -
Why so negative, bro? This company is struggling. All can see that. But being so negative is bad for your health!
It's Friday at the close. Stock back up to $3.
Hoping for a successful launch of the new platform soon, and upward movement of the stock along with that.
I still have faith. It's hard to stay positive with this stock, I admit. But gotta try.....
Do you have inside knowledge to the contrary? If not, please stay positive, and cross your fingers!
next stop 2.00, a brief pause before hitting 1.00 You have to ask yourselves, who are the idiots who wasted 5 million USD late october in this ratinfested scumbag company ?
Accumulated loss over 50M USD
Bravo, this quarter sees another loss. The poor shareholders must endure yet another blow. Filing is late again, business is going down the drain and losses are skyrocketing. Indeed this is a one of a kind company. A true world leader. Normally you see diminishing loss with growing turnover. But not in this case. So what else is new ? Its just another days at the Office for serial-scammer and veteran criminal Michael Hansen, under his inspirational and visionary leadership the company has lost in excess of 50 million USD. Throw him in jail
Todays Filing;
The Company's results of operations for the quarter ended December 31, 2015 are significantly different than its results for the quarter ended December 31, 2014. Specifically, gross revenues have increased from $4.7 million in the 2015 fiscal first quarter to approximately $5.4 million in the 2016 fiscal first quarter. Losses from continuing operations increased from $1.4 million in the quarter ended December 31, 2014 to approximately $1.7 million in the quarter ended December 31, 2015. The primary causes for the increased loss from continuing operations are higher cost of revenues recognized as a percentage of revenue and higher selling, general, and administrative costs.
and as a result of the staggering deficit, the rats are leaving the ship. Exit Braiker and Virgin, obviously loaded with shareholders money.
If ever there was such a thing as Grand Larceny, then the annual report and its addendum filed to today would surely qualify.
http://ih.advfn.com/p.php?pid=nmona&article=70127275
Management consisting solely of Thieves, liars, conmen, criminals, embezzlers, you name it, Scaminto's got it
more like Chapter 11.
Annual Report, filed late, spells complete disaster. The ship is sinking fast.
Michael Hansen and his bunch of MLM-mormon-has-beens managed to outperform even the most skeptical observers. The company is in complete disarray. The accountants raise serious doubt as to whether it is suitable that Scaminto reports in accordance with GAAP-standards. Internal reporting is a joke. This is truly not a Going Concern, but a Weapon of Wealth Destruction.
The current leadership, same same same af the old leadership, especially the biker related Michael Hansen, would under normal circumstances be arrested and prosecuted, along with his hapless consorts.
Highlights this year is that they managed to dupe new extremely naive investors into pouring fresh cash into the company, cash that directly went into Michael Hansens pockets. But they were probably focussed on the worthless warrants they received
Michael Hansen is a crook and a criminal.
Get out while you can, or bend over, this is going to hurt.
Late filing on dec 29, brief explanation, loss for fiscal year 2015 is close to double that of catastrophic year 2014 over 11,5 million USD. Nasdaq uplisting not in sight. Michael Hansen and consorts ought to be under continued criminal investigation.
Companys new mormon board and management all seasoned MLMcrooks, company name changes to Scaminto this year before going bust I'm sure
Anyone still read this board, or own this stock? Seems pretty dead here. Anyone here have any info on what's going on with this company?
The 'D' on the end of OMNT has been dropped. Time for this company to show shareholders some value. This thing has been stuck in neutral for too long....
going down ? No buyers left ? Can the self-appointed billionaire Michael B Hansen avoid a grand-jury subpoena ?
Are the rats leaving the sinking ship ?
Tune in next week, when Michael Larceny Scam Hansen will reveal to the world, how Ominto will surely surpass Facebook by the end of 2016
Can anyone please explain why Michael Hansen is referred to as "Billionaire" Hansen, when all he possesses is worthless Dubli Stock ?
why down to day
I expect a great quarter !
Just my opinion as a DubLi Network BA ...from what I can tell the network is growing at a very fast pace as well as my customer pod is growing an average of 12-18 personal customers/day. A new platform and app will be launched in January 2016. This could become the next amazon like company in the coming years. If some one wants more info just PN me.
I thought so. But nothing out yet. Not sure why?
Should Ominto not publish third quarter financial report today ?
Sælg for helvedet dine 3 stk??????
I'm hoping for something interesting this week. Need some great financials. I'm tired of promises with this stock. Need them to deliver!
Thanks Dexter70. this gets interesting
hello dexter you can not buy one to ten dollars. just for fun
These clowns better post a great quarterly financial report this week. This is one depressing stock to own, right now....
Uplist already.....
No trade in 20 Day is watt happen? ?
OMNT one for 50 reverse split:
http://otce.finra.org/DLSymbolNameChanges
1:50 R/S Tomorrow, per FINRA.
Yes split 20 days
Anyone in this board nowadays? Ominto is slowly climbing up! Anyone have info on timing of the Nasdaq and the reverse split?
Ja det bliver helt vildt køb køb inden det er for sent??
det går kun en vej - og det er opad jeg vil tro at de laver en reverse split på 1-60 og derefter vil det stige helt vanvittig
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DubLi Founder, President and CEO, Michael Hansen, was featured on Good4Utah discussing new ways to save money and earn Cashback.
https://www.youtube.com/watch?v=NdZvxHcUax4&feature=youtu.be
DubLi, Inc. Was Featured on Net Worth Commerce TV Hosted By Terry Bradshaw. The full video is already available here!
https://www.youtube.com/watch?v=Aphrw9_5Uk4&feature=youtu.be
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