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It has to be !!! It's too one sided not to be
Amazing how NITE is still the MM that is selling relentlessly.. Even today they just jumped on the ask for 2500 shares at .73. Simply brutal...
TSNP !!!!
There are now 5 MM on the bid HDSN,CSTI,NITE,UBSS,AUTO
As of 3:55PM there are 4 Market makers on the bid at .0001
Have to do with oil sands?
The bids loaded up at the EOD at .0001
Looking really Good !!!
TSNP !!!! TSNP !!!
For entertainment purposes can someone explain this : In order to achieve a higher share price and increase available trading opportunities for its shareholders, a reverse stock split of 1:1000 became effective on October 28, 2010
And they had the audacity to say: In order to achieve a higher share price and increase available trading opportunities for its shareholders, a reverse stock split of 1:1000 became effective on October 28, 2010
thats like getting .0004 pre R/S
2.95 print would be like a .00295 print pre R/S...
what did you get printed at?
You need to place limit orders not mrkt
I feel violated... I know there is risk with the pinks but we didn't lose because of the company's product, lack of sales or revenue but because of the greed and dishonest scam done behind our backs. You have no chance of ever making money when the company itself are in control of sabotaging there shares holders at will..
Don't worry... OUR mistake was being in this stock
This about how dishonest and sneaky this move is to there "Shareholders".. Simply disgusting !! IMO
Reverse Stock SplitWhat Does Reverse Stock Split Mean?
A reduction in the number of a corporation's shares outstanding that increases the par value of its stock or its earnings per share. The market value of the total number of shares (market capitalization) remains the same. Investopedia explains Reverse Stock Split
For example, a 1-for-2 reverse split means you get half as many shares, but at twice the price. It's usually a bad sign if a company is forced to reverse split - firms do it to make their stock look more valuable when, in fact, nothing has changed. A company may also do a reverse split to avoid being delisted.
http://www.investopedia.com/terms/r/reversesplit.asp
Same here... I own 71 million shares at .0026 ($184,600) and now after R/S have 71,000 at current bid of .05 ($3,500).. This is crimial to do to shareholders IMO
MM NITE is on the ask already at .30... This is bad news
Rule 19(h) The appropriate regulatory agency for a self-regulatory organization is authorized, by order, if in its opinion such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this title, to suspend for a period not exceeding twelve months or revoke the registration of such self-regulatory organization, or to censure or impose limitations upon the activities, functions, and operations of such self-regulatory organization, if such appropriate regulatory agency finds, on the record after notice and opportunity for hearing, that such self-regulatory organization has violated or is unable to comply with any provision of this title, the rules or regulations thereunder, or its own rules or without reasonable justification or excuse has failed to enforce compliance.
MM NITE just jumped in Never a good sign
The Securities Exchange Act of 1934
?Section 6(b)(5) This statute limits the authority of the SEC and the SROs by prohibiting them from regulating and selectively enforcing rules and statutes, in a way that is discriminatory against equity investors and issuers in favor of others. By "allowing" fails to occur through selective non enforcement of existing statutes and rules, the SEC and SROs are doing exactly that.
?Section 9 This statute makes it unlawful to create a false or misleading appearance of active trading in any security registered on a national securities exchange, or to create a false or misleading appearance with respect to the market for any such security, and to effect any transaction in a registered security which involves no change in the beneficial ownership. False and misleading statements are also unlawful under this Section. Trading, confirming, taking money for and crediting fake and undefined securities in place of the real contracted for securities are violations of this federal statute.
?Rule 10b-10 The trade confirmation rule. This SEC rule requires broker-dealers to confirm the identity, quantity and price of securities obtained on behalf of customers. When the brokers receive nothing but "fails to receive" rather than the contracted for securities, the brokers should not confirm the trade and confirm the quantity of the contracted for securities, because none have been obtained. When "fails" occur, broker-dealers confirm the trade to customers anyway, creating a false confirmation statement.
?Rule 15c3-3 The customer protection rule. This rule requires broker-dealers to promptly obtain and securely maintain securities, even in the event that securities are not delivered by the settlement date. Doing nothing is not an option.
?Rule 15c6-1 The settlement cycle rule. This is the first line of defense and is the foundation of the market. It spells out the settlement date delivery requirement of securities. As long as the contracted for securities are delivered by the settlement date, all is good and all is as it should be. When delivery does not occur by the settlement date, there is a "fail to deliver.?
?Section 17A Statute requires that settlement and clearing of securities be linked and that they happen promptly and accurately. It also requires that trades effect the transfer of record ownership of securities. When trades fail and phantom securities are delivered instead, these requirements are all violated.
?Rule 17f-1 Every reporting institution shall report the discovery of any counterfeit securities certificate to the Commission or its designee, to a registered transfer agent for the issue, and to the Federal Bureau of Investigation within one business day of such discovery. Every transfer agent shall make the reports required above only if it receives notification of the loss, theft or counterfeiting from a non-reporting institution or if it receives notification other than on a Form X-17F-1A or if the certificate was in its possession at the time of the loss. Every reporting institution that originally reported a lost, missing or stolen securities certificate pursuant to this Section shall report recovery of that securities certificate to the Commission or its designee and to a registered transfer agent for the issue within one business day of such recovery or finding. Every reporting institution that originally made a report in which criminality was indicated also shall notify the Federal Bureau of Investigation that the securities certificate has been recovered.
?Rule 19(g) Every self-regulatory organization shall comply with the provisions of this title, the rules and regulations thereunder, and its own rules, and (subject to the provisions of section 17(d), paragraph (2) of this subsection, and the rules thereunder) absent reasonable justification or excuse enforce compliance.
?Rule 19(h) The appropriate regulatory agency for a self-regulatory organization is authorized, by order, if in its opinion such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this title, to suspend for a period not exceeding twelve months or revoke the registration of such self-regulatory organization, or to censure or impose limitations upon the activities, functions, and operations of such self-regulatory organization, if such appropriate regulatory agency finds, on the record after notice and opportunity for hearing, that such self-regulatory organization has violated or is unable to comply with any provision of this title, the rules or regulations thereunder, or its own rules or without reasonable justification or excuse has failed to enforce compliance.
?FINRA Conduct Rule IM-2310-2 Fiduciary duty to customers by broker-dealers. Taking money from customers for the purchase of securities, but not actually obtaining them and misrepresenting this failure to obtain securities by misrepresenting the identity and quantity of securities in customer accounts and filing false trade confirmations, is against the interest of the customers.
?NASD Rule 3370 is a delivery rule and instructs that no NASD member shall execute a short sale unless the member makes an ?affirmative determination? that the member will receive the security from the customer or can borrow the security on behalf of the customer.
Uniform Commercial Code
?? 8-501b A person acquires a security entitlement if a securities intermediary: indicates by book entry that a financial asset has been credited to the person's securities account; receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or becomes obligated under other law, regulation, or rule to credit a financial asset to the person's securities account.
?? 8-508 A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary.
In 1981 Charles Hurwitz first teamed up with Michael Milken of Drexel Burnham Lambert. Drexel issued junk bonds for MCO Holdings. Junk bonds carry a high interest rate because they are risky investments backed by uncertain revenue streams. The proceeds are almost always used to takeover other companies. Mr. Hurwitz also tried to force out minority shareholders in Federated Development Company at a loss through a 1 for 600 stock reverse split, but was blocked by lawsuits.
http://www.iiipublishing.com/hurwitzm.htm
Ouch !
How is this legal?
This is an intentive back door move to destroy all current shareholer value .. IMO
Is 2 R/S in less then 10 months legal ?
This is crazy !!
140K is enough...
Same here !!
I never said that... The board is
The board has been wrong 100% of the time (including myself) when we thought great things were on the horizon and the PPS was going to take off.. Lets hope we stay consistant even on the opposite end :)
Very Sad !
Keep us posted
Maybe Short covering.. Remember all thoses sells were bought at the bid by someone
Its hard enough to make money in the Pink sheet market and even harder when the company you invest in is calculatingly destroying Shareholder value. The stock is down at these prices NOT because of they "company" and its Tech but because of what management is doing on the inside with the increase in A/S, O/S and R/S
Very sad...
IMO Its criminal what they have done and are doing to shareholders
The shame part is we all took the gamble on this company and it seems like the company is intentionally destroying the PPS