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Here's my email from Thursday... Their response first, followed by my email.
Dear XXXXXXX
Thank you for contacting Seeking Alpha: we have received your inquiry and look forward to helping you.
Due to exceptionally high volume of customer contacts at the moment, we cannot promise to reply to your request as quickly as usual (normally you can expect to hear from us within one business day).
We have assigned your request ticket number XXXXXXXXXX Please include this number in all your communications with us, and take care not to change the subject line when replying by email.
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Your original correspondence:
--------------------------------------------------
From: xxxxxxxxx
Priority: Normal
Addressed to: Legal
---------------------------------------------------
SA,
There was 70 million in market cap lost in Cellceutix Corporation on August 6th. The main reason was an attack article posted by Mako Research which was so unbelievably on-sided.
It can potentially hurt SA as any credible source for financial information. I would start proof reading these bear attack articles more often as the little investor are the ones that usually suffer. If Mako is proven incorrect, I'm thinking of sending this info to my lawyer for review against SA and
Mako research. I would advise SA to remove the article, or at least get a Cellceutix rep with their story. It was an orchestrated bear attack that has used Seeking Alpha as it's main driver....
Good Luck, XXXXXXXXX
I emailed the legal department and was told they will respond, but email notices were high. They should be held liable since investors and company were both damaged. What's to stop this from happening again? I understand if someone wants to post a different view-point, but this was a planned attack to the fullest extent. What makes it even worse, it's still there to be viewed.
Detailed description on trading halts/pauses. How, why and when...
https://en.wikipedia.org/wiki/Trading_halt
http://www.nasdaqtrader.com/Trader.aspx?id=tradehaltcodes
A trading halt occurs in the U.S. when a stock exchange stops trading on a specific security for a certain time period. The halt, which can happen a few times a day per security if FINRA deems it, usually lasts for one hour, but is not limited to that. Trading halts can happen any time of day. The listed company is supposed to call the exchange where it is listed, 10 minutes prior to any material news that they are releasing, in order for the exchange to halt the stock before the news is released. The first 5 minutes of a halt is for "news pending" before any information is released that could affect a stock significantly, also known as the "5 minute window".[1]
Trading halts usually occur when a publicly traded company is going to release significant news about itself. The halt in trading for the affected security gives investors time to review the news and assess its impact. Another situation in which a trading halt might occur is when the exchange is uncertain "whether the security continues to meet the market’s listing standards." [1]
Note, there are also "trading pauses", which are defined as, under NASDAQ, "if a security is subject to a Trading Pause, the Pause Threshold Price field will contain the reference threshold price that deviates 10% from a print on the Consolidated Tape that is last sale eligible as compared to every print in that security on a rolling five (5) minute basis".
The 10 percent drop halt, in a 5 minute period would have to be built in. There's no way a CEO could be contacted that quickly to make a decision. If you look at the types of halts and pauses, I'm sure there's different trigger points for each rule... The entire markets (NY, NASDAQ) have trading curbs in place to protect manipulation.
InVivo Therapeutics did a 4 to 1 RS earlier this year to up-list. Below is their press-release explaining the reasons. Leo would probably use a similar approach? There stock has traded higher since... Started the year at 5.28 (split adjusted), RS was announced at 11.60, hit a high of 19.68, now trades at 12.92.
They were in a similar position and chose to up-list with a RS.
The PPS is still subject to "ups and downs" regardless of market, but sometimes security/exposure out-weighs doing a RS.
http://www.invivotherapeutics.com/press-releases/invivo-therapeutics-announces-implementation-of-reverse-stock-split-in-preparation-for-planned-uplisting-to-nasdaq/
2 Nasdaq halts might have possibly been in play. T5 and T6...
More examples for getting off-the-pinks, protection/security...
http://www.nasdaqtrader.com/Trader.aspx?id=tradehaltcodes
T5 Single Stock Trading Pause in Effect
Trading has been paused by NASDAQ due to a 10% or more price move in the security in a five-minute period.
T6 Halt - Extraordinary Market Activity
Trading is halted when extraordinary market activity in the security is occurring; NASDAQ determines that such extraordinary market activity is likely to have a material effect on the market for that security; and 1) NASDAQ believes that such extraordinary market activity is caused by the misuse or malfunction of an electronic quotation, communication, reporting or execution system operated by or linked to NASDAQ; or 2) after consultation with either a national securities exchange trading the security on an unlisted trading privileges basis or a non-NASDAQ FINRA facility trading the security, NASDAQ believes such extraordinary market activity is caused by the misuse or malfunction of an electronic quotation, communication, reporting or execution system operated by or linked to such national securities exchange or non- NASDAQ FINRA facility.
Drano, Yes, a bear attack can happen on any market using the same tactics. However, the Nasdaq has built in trading halts "unlike the pink sheets" that would prevent the bears from manipulating the stock to the degree we just saw. CTIX would have been halted a short time after the attack. This would have saved millions of lost market cap and all the headaches created from Thursday morning until even now... We have a difference of opinion on the importance of up-listing at any cost... Using a RS to better position your company "to me" is not a negative... A traditional RS, is one where the company is forced to do so, in order to stay compliant. CTIX's RS is one that would benefit the company for both exposure and security. Again, time will tell and hopefully the PPS rises where they can up-list...
Number one priority, get up-listed. CTIX would have been halted a few minutes after the SA article. It surely dropped more than 10 percent in a 5 minute period. A lesson for CEO's wanting to up-list.. Do not disclose (press release) your attentions to up-list when you file an application and so on... The bear raiders pick this info up and work their magic to prevent. Keep the whole process quiet until you can make a statement.... We have been approved to up-list...
Nasdaq rules for Stock Halts. Check out section T-5. This would have halted CTIX stock since it did fall 10 percent in a 5 minute period.
T5 Single Stock Trading Pause in Effect
Trading has been paused by NASDAQ due to a 10% or more price move in the security in a five-minute period.
http://www.nasdaqtrader.com/Trader.aspx?id=tradehaltcodes
I believe the bear raiders buy stock and short... They manipulate the stock up and down for gains. The recent attack was probably coordinated weeks ago. This is why I've been stressing an up-listing... Some here are against a RS, so the only alternative is to find a partner where it sustains the PPS. Right now, the pink sheet market is as much to blame as SA and Mako... All 3 are enablers of bear attacks. The Nasdaq might have halted CTIX stock pending a response by Leo?
Leo addressed the specifics (trials/pipeline) that were questioned... Not sure he had time to counter the entire article. I've read multiple posts about Leo not addressing this or that...
noretreat, The recent 3.50 price was an intra-day high... The average price the past 3 months has been around 2.60. You also have to take into consideration the biotech sell-off and the rest of the market. That has not helped also... It was perfect timing for the bear raid...
Leo's number one priority should be to up-list now. The past 3 weeks is a sure reminder of how risky the pink-sheet market is. These bear attackers seem to be aligned with the market-makers?
Dr Menon's profile on Linkedin is about as sound as it gets. 500 plus contacts is not made up...
https://www.linkedin.com/pub/dr-krishna-menon/0/58b/8b
The enabler (SA) is as liable as the culprit (Mako Research). Hopefully, those that lost money should contact the Rosen Law Firm from yesterdays PR. They do have a case versus SA. SA has a history of not screening posts/articles. Something so detailed should have been removed until CTIX had a chance to respond...
SA is much to blame as Mako Research. They enabled this whole mess by allowing such detailed garbage for their whole subscribers to see. I've sent the SA legal team a threatening email and will post any response. I hope SA is impacted for this...
Any buy below 2 is a gift....
Really Joe? He's staying on as a consultant leaving for medical reasons. This was news from yesterday.
Really Joe? He's staying on as a consultant leaving for medical reasons. This was news from yesterday.
Do not see Leo's response as a PR yet? Maybe he's waiting to fry the shorts at the open?
The threat of legal action is sometimes greater than the delivery. That is why I sent my email to SA's legal dept. To have an article be responsible for 60 million lost market cap, and a possibility to endanger CTIX forever, is worth the time to challenge SA on their review processes.
These guys will do anything to keep CTIX from up-listing. Some posters last-week mentioned 2 dollars as a possible spring-board to up-list once the next Q comes out. Interesting, when we finally see the first reversal of a long down-trend the SA article comes out. Again, I wish Leo would never had said anything about up-listing. From the application filing, to now where we're at. Sometimes being quiet is the right direction. Any leak to IHUB seems to be fueling these bear manipulators....
To contact SA legal click on the icon for copyright/legal...
http://seekingalpha.com/page/contact
legal-issues@seekingalpha.com
Send your emails to the SA legal team... This is exactly what I did... Notice how their response is we'll get back to you because of heavy volume... The very bottom is my original email...
Thank you for contacting Seeking Alpha: we have received your inquiry and look forward to helping you.
Due to exceptionally high volume of customer contacts at the moment, we cannot promise to reply to your request as quickly as usual (normally you can expect to hear from us within one business day).
We have assigned your request ticket number #L-0600116822. Please include this number in all your communications with us, and take care not to change the subject line when replying by email.
You can solve some common issues as follows:
1) Unsubscribe from email alerts or newsletters using the following page (this takes 24 hours to take effect):
http://seekingalpha.com/account/email_preferences
2) Want to comment on a story you're reading on your mobile device? Sign in to the main website on a laptop or desktop computer and do so there.
3) Having problems adding a stock to your portfolio? Please try doing so on the desktop site rather than one of our apps.
We appreciate your patience and look forward to assisting you soon.
Sincerely,
Legal Department, Seeking Alpha
http://www.seekingalpha.com
Have you seen our latest apps? Portfolio App | Tech App | ETF App | Energy App | Dividend App
Your original correspondence:
--------------------------------------------------
From: XXX XXXX
Priority: Normal
Addressed to: Legal
---------------------------------------------------
SA,
There was 70 million in market cap lost on Cellceutix Corporation on August 6th. The main reason was an attack article posted by Mako Research which was so unbelievably one-sided.
It can potentially hurt SA as any credible source for financial information. I would start proof reading these bear attacks more often as the little investor are the ones that usually suffer.
If Mako is proven incorrect, I'm thinking of sending this info to my lawyer for review against SA and Mako research. I would advise SA to remove the article, or at least get a Cellceutix rep with their story. It was an orchestrated bear attack that has used Seeking Alpha as it's main driver....
Good Luck, XXX XXXX
Today's attack was orchestrated to an exact science. They released the article at exactly the high PPS of-the-day. As soon as the SA news hit, the stock dropped big-time. No article "without a credible source" should cause that much damage. SA should be held liable, since they allowed such garbage without either proof reading or asking CTIX for a comment. So easy to manipulate pink-sheets if so-called "credible sources" let attackers feast on easy prey.
Today's SA article was so obviously flawed. The more I read, the easier it was to believe it was total BS. Not one-time does the writer mention FDA approval... It's like everything has been made up... I've had my disagreements with Leo, but hopefully he comes out swinging tomorrow... When the PPS recovers, there's more urgency to get up-listed. The pinks is a stomping ground for bear attacks with little market support.
This is why an up-listing was needed. Too easily manipulated... Maybe, Leo has learned his lesson.
I agree, everyone should pound SA for releasing such garbage without a response from the company...
Are you the idiot author from SA? Sneaking into the office taking photos? LOL After re-reading the hit-piece, it's even more laughable. My guess is by 2PM, the garbage will be history. BTW, CTIX is still trading higher...
SA should delete the article ASAP. It's so one-sided, I've never seen a hit so dramatic.
Detailed Hit on CTIX, Empty Office...
http://seekingalpha.com/article/3406365-cellceutix-empty-office-unviable-science-misleading-disclosures-96-percent-downside
TOB, We disagree on the CEO's performance in 2015. He botched the up-listing, wasn't prepared to up-list when he filed (2/5/15). The PPS was above 4 for a good period of time late 14/early 15. BOD's were not active until mid April, by that time the PPS was in slide mode. The science is fine, we will see if Leo can find a partnership?
I don't expect him too... I've already classified my investment here as high risk. Exactly why I don't invest more than 10 percent in any one investment. It would be less risk on the Nasdaq.
You are correct, Leo has zero control of the PPS. That's sure evident after 10 press releases in 2015, the PPS is down over 40 percent. We do agree on that... Jeez, I wonder where the PPS would be with no PRs this year?
I've explained why I'm invested here several times. And it's not because Leo's the CEO. By your standard, there would never be any CEO replacement based on a theory that shareholders should just sell rather than expect a certain performance. If we judged Leo on YTD PPS performance he would be gone tomorrow. I don't care what Leo did 4 years ago, all that matters is now.
That's what makes a great debate. Some here believe Leo has done a great job. Others are on the fence... I believe he should be replaced ASAP... It was a major mistake not having the BOD's in place before applying to up-list. Leo assumed the PPS would stay above standard while they formed a board. 2 1/2 months was the difference of not being able to up-list... Now, he's trapped in pink land "on the hope" the PPS rises on news.
If you followed this board the past few years, there's evidence that Leo emails shareholders who then post his response. As far as Leo saving the company, that's all speculation, as he was rewarded a handsome package in form of a position and loan repayment. If Leo was replaced tomorrow by an experienced CEO the PPS would climb. Also, would Leo be CEO quality for any small or large business I wonder? One that generates 50 million plus sales? I doubt it...
That's your opinion, Leo should not be communicating with individuals regarding "inside info" for the sole purpose of leaking info to a public forum/board. This is exactly what has happened here the past few years and some shareholders have disagreed with this action. The "pretend" CEO's who usually conduct business this way are usually penny stocks on the pinks. So really, I'm not surprised to see this happen here... But if CTIX wants to be taken seriously, they should have an annual SH meeting and stop the childish comments about short trading as reasons for a failing PPS.
You want to be up-listed, well, start acting like a real company... If Leo resigned and was replaced tomorrow it would not be a loss.
CEO's should not respond to "personal emails" regarding the business. Especially a public traded company. It opens up a whole-can-of worms once you start that process. It shows a lack of responsibility to shareholders who want their investment protected. This is one of the reasons why Leo shouldn't be the CEO to take CTIX to another level. Besides botching the up-listing...
Most here agree the PPS is cheap. However, did you discount trading on the pink sheets? That's the biggest argument investors have with Leo. Can he build the PPS high enough to up-list? So far, the answer is no... So really, the market cap is an unknown to most investors who do not buy on the pinks. That's a good majority of Wall-street.