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Counterpoint: 51 days to file a suspension is actually pretty quick if you have to do some type of investigating etc. We don't know who or when complaints were brought before the SEC either. Could have been before March 3 or sometime thereafter, so the 51 day argument won't hold weight in my opinion.
Howeverwho submitted complaints and on what basis should be examined, not only by SEC but by DECN, which is why I propose 2 things for those wanting to support a fair outcome:
1. Call the SEC and report what you may know about people stating that they hate KB, want to bring him down and have been "calling and writing" the SEC for weeks to complain, based on what knowledge of the product?
2. Call DECN and encourage them to file a 550 Protest of the Suspension so as to trigger hearings and the revealing of what data and who submitted what to the SEC for their investigation.
I cannot fathom DECN not having a test kit that they are confident in and they might be guilty of being a bit sloppy or "bragging" with high forecasts in their PRs, but if the 2 things stated in the Suspension are the core of the SEC's investigation, then DECN should have a good chance of defending itself and/or exposing others who may have submitted shady or false data.
Did you find anything related to DECN. Or Genviro in their database?
The first URL appears to be from a website in development in order to advertise and launch the product once approved.
It is not on the company's website, correct?
Amazon webcrawlers pull up all sorts of web pages in development, so if this is the "proof" of false declarations, it should be easily remedied and if the person submitting such info to the SEC was responsible for a false claim, they should be prosecuted accordingly. I help design websites and while you try to hide your "staging" site material, it isn't always possible when dealing in the cloud.
Please provide URL for a public or published website associated with the company that has this advertising in place. That would be helpful and it would make both the FDA and SEC take action. But obviously companies hire people to develop advertising well in advance of a product launch.
Which is it?
Sorry. I thought there was a reference to add on documents referring to DECN filed by SEC. If not, I'm good.
Was just looking at SOLI which had a run from under .20 to over 1.00 in short timeframe and was just under .60 at time of suspension. Traded today in range on Grey Markets from .20 to .45
What "follow on documents"? Something the SEC issued after the one page suspension?
TDAmeritrade for NBDR shows 1.3M traded today, gives normal intraday chart, a high of .0134 and a low of .008 for the day with price of .012 up 73.91% on the day.
No Level II data is available, but interestingly, on the stock page it has bid of .0088 and an ask of .0806 with no bid size for either side. Bid/Ask most likely useless, but it is showing chart of where trades were filled.
Company release PR this morning.
Well, I interpret the request for the additional interview as a standard procedure to not tip their actions one way or another. Much like a phrase "we'll be getting back to you".
By always implying that they will want more information, the SEC can take action at any time as a "surprise" to the company in question without that company or its associates being able to sell shares etc. in advance of their actions and hopefully in most cases they are taking action against companies truly breaking rules egregiously.
I'm not yet convinced that this was KB's plan, to take advantage of investors fraudulently by making claims that they have developed a kit based on their existing platform just to drive up the stock temporarily.
I think they have the kits - maybe foolish, maybe not, but al the background reading on the science itself is what has given me greater security.
Since suspensions have a built in 10 day limit, it may be that the petition has to be filed within those 10 days even if the hearing takes months to be resolved in order to benefit from a positive outcome, but I don't want to have to study to become a SEC lawyer at this point.
Have to wait and see what actions are taken.
Do you think the SEC staffers actually acquired and tested the kits?
No, I don't. You've been very informative and patient with people with your answers, but I think you over simplified the situation by stating the two reasons as delinquency or "fraud".
People can release PRs, as KB does his own unfortunately, and make statements using words that other deem suspicious or misleading without it involving fraud. I agree that there may be more to this than what we see. But the "something" could be bad either on the side of the company, the SEC (responding and over weighing complaints by others that are not truly valid for example), or dealing with actions by 3rd parties, not revealed in their summary.
"technology perfected" can be misinterpreted as I've addressed in a previous post. High sales Forecasts are problematic, but the SEC also listing other issues regarding MM and trading as reasons to enact trading suspensions:
From the SEC document on Trading Suspensions:Trading Suspensions
Thank you. Is there a time limit on filing the 550 petition or could he file it a couple months from now assuming he has produced a product and has it out in the market?
Sorry. And with what data do you have to know whether or not the test kits referred to work or not?
Are you a scientist that can refute the team of Japanese scientists who wrote that "a simple device" could be made to detect and differentiate viruses via non linear impedance spectroscopy?
On what basis of information do you make your claims?
I was going to leave this board for a while, but your claims intrigue me. Why have you been complaining about a company that might have developed an important test? What inside access and information do you have?
From reading what others have posted, what is the main reason he should file the petition to remove the suspension?
If, as others say, the resolution of such a petition is going to take several months, it won't stop the stock from going to Grey Markets in the meantime, would absorb not only his time and focus, but the results would only help to "save the reputation" of the company.
Meanwhile, if he focuses on finalizing testing and FDA EUA, then even if the stock trades only on the Grey Markets for a period of time (where it can't be shorted they say), he will both redeem the company and his own reputation by having, marketing and selling a test kit in the millions which wouldn't be able to do if he was knee high in paperwork regarding fighting the SEC.
I don't know if there are time limitations on the filing of the petition, but seems that being a small company and not having a lot of staff, the best outcome for shareholders, the company and his own reputation is getting the test kits to market and that is where he seems to be focused, which is fine with me.
My opinion is if he successfully completes the kit testing and FDA filings and gets EUA approval, all that will follow will eventually resolve the trading and liquidity situation as people more powerful and with more contacts than KB, will pressure or request MM to begin trading this stock. We might have to wait on the Grey Markets for a while, maybe even weeks or months, but that may help many of us from selling too early.
Just think of what might be the outcome if the stock is limited to the Grey Markets for 3 months until an MM have filed all the paperwork and gotten approval to put it back on the pinkies and in the meantime the company has release updates on manufacturing, orders filled, BackOrder list quantities etc and the media coverage this should get from multiple sources, including official listing on the FDA site?
Some of the suspended companies were suspended for true fraud and couldn't back up the claims and that is why the Grey Markets were the sign of death as the SEC desired to "protect investors". If DECN can't produce a kit that passes testing, Grey Markets will be the end for most. But if DECN can release a product that has passsed FDA required testing, its stock will not die on the Grey Markets. It just won't be able to be shorted!!! Yay!
I'm waiting for the testing and will be back after that or the next PR.
GLTA
Once again, better time spent reading the 3/30/20 Supplemental Disclosure document filed with SEC starting on p 15 (go to SEC orn otcmarkets.com to access) to get quick overview of product development.
Then you can read one of the scientific papers here: Non linear impedance spectroscopy
And then check out the credentials for the scientist largely behind DECN's impedance test strips here: Musho patents
If you read these 3 things above, taking less than an hour, you will be much better prepared to both understand the company's product and weigh all the comments on this board.
Pax et bonum.
GLTA IMHO
Back in May. Nothing to do about this until then or another PR.
They have. Please read their PRs starting in March 2020 and the Supplemental Disclosure document filed 3/30/2020 with the SEC.
My understanding reading from the PRs was that the same meter could be used, they only needed to design and create new test strips configured to detect the virus.
I believe KB stated in one of the PRs or the Supplemental Document that when he raised the question of design with the scientists, one of his requirements was that it work with the current meter which has been designed, produced and reliable over the years. Because of pandemic time frame, he didn't want to have to design and test a new meter. He wanted test strips for the virus.
That's how I read it, but unless there was something simple to alter the meter, it would stay the same.
On the SEC page for Suspension of Trading in companies, they list things beyond information or statements by the company, such as Market Makers manipulation of the stock, insider trades etc.
Will be interesting to see what DECN statement says (hopefully that does come out soon), but I'm wondering if the suspension has more to do with things behind the price run up and trading issues itself and less on the PR statements, but the SEC is using the PR statements and issues as the simple cover reasons without disclosing the other issues and how they discovered the other issues.
From all my reading, I think the science is there, the possibility that they were successful in creating and completing (technology perfected) the test strips with accurate results is there and that they fully expect the test kits to pass USA lab testing.
What I have no clue in evaluating is what shenanigans or not have been happening vis a vis the stock trading nor all the other "information in the market" put out by other websites, forums, bashers, pumpers and the like.
One thing I feel pretty sure about - if the test kits work, not only will the government and companies want the product on the market, people wanting to get rich by investing in this product and company are going to create pressure for more than one MM to file paperwork to get it done. And who knows, maybe with the suspension and SEC watching the trading going down in the future will keep the manipulation down and allow this to give us a great return. That's my hope based on what I've read thus far.
Can't speak to big Pharma or others filing false statements though it is disconcerting to know that others have already expressed on this board their desire to see this company fail at all costs.
Thanks HM2 for the link. This gives me further confidence that this may still work out well. If fact as others have said, I would be a bit worried if I was holding a large short position at this point.
Company has stated in its filings that Musho I believe came out of retirement to work specifically on examining the science and whether DECN could build a test strip that would work on its current meters based on the various scientific papers on non linear electroscopy impedance.
People need to remember, KB is not the scientist or developer, he's the guy that asks the question: Can you do this? Will it work? Test it! You better be absolutely sure!
livefreeordie. If you are looking for the science upon which the company has based their test kit development, you can find one of the scientific research papers here: non linear...
The company gives a pretty detailed and transparent account of how they came to consider developing these tests in their Supplementary Document filing (start p 15 overview) here:Supplemental Disclosures doc 3/30/2020
Anyone who objectively wants to examine the data or whether the claims are "fantasy" etc. should at least take the 30 min to read both the portion of the supplemental document overview of how these test kits came about and one of the scientific papers it is based on.
I have found the PRs issued since March pretty informative and revealing of detail, though also containing the usual sales pitch most PRs have such as "up to 525M kits". I think the SEC should suspend trading in Sears, Best Buy, Macy's and every other company that regular claims "get up to 80% off" this or that when you can hardly find any product on the entire store over 40% off as there is a lot of mis-leading information out in the market.
I don't know KB, some claim on this board that he doesn't seem to have the capacity of being honest or doing anything right. It all comes down to the test kits, which he didn't design or build: DO THEY WORK?! If they do, then I can't find anything but plans and projections with lofty expectations in his PRs, but nothing nefarious or misleading or criminal to anyone who can read.
If the tests are totally fraudulent, then he would be the biggest fool ever, since there is no way he could have succeeded in avoiding legal repercussions filing paperwork and making claims in a PR with lobbyists and media for a product that either doesn't exist or could never work.
Or he happens to be an extremely fortunate man that his manufacturing plant for glucose testing just happened to be located in the heart of the outbreak in Daegu, South Korea, temporarily shut down and his platform for glucose impedance testing just happens to align with research done 5 years ago by unrelated scientists who discovered and proved that not only can viruses be discovered using similar technology, but they can be identified and distinguished one from another.
I'm betting on KB not being the former, but the latter and that's why I'm holding my shares until we get the test data back. I have to believe that they built enough kits in South Korea and tested them extensively there before filing paperwork with FDA and releasing a PR this week about asking for special conditional EUA consideration, i.e. he is totally confident in his product and it works and that is why he said that they had "perfected" the technology. The word "perfect" in its roots, means "complete", "whole", so they had "completed" the technology to make the test kits work.
If the tests work (and they are now really on the clock to have the USA specialty lab get to work and complete the tests that they said would take a week to do - most likely because they involve all sorts of different case scenarios proposed by the FDA guidelines) and the data proves that DECN has a valid test kit, I'm not selling anything and at this point, I will probably just wait for whenever that data is released.
If they have a lab validated 15 second or so kit that accurately determines the presence or non presence of the virus, regardless of all the SEC rules and regulations that this suspension legally holds, I do believe all obstacles will be overcome because the country and the WH is not going to have the SEC or a complainant stand in the way of the test kits getting out and having publicity about them since they would be one of several critical factors. Heck, you might even see the head of the SEC fired if necessary or an investigation into the complainants.
Now, on the other hand, if the SEC suspension is not about what they claim as the main 2 reasons in their filing, but is more related to trading malfeasance, then depending on who that is related to, there will be related problems.
But for me, it all comes down to the test kits validation. If they are valid, then I'll hold for 5 years if necessary since the SEC suspension won't stop production and sales if approved by the FDA and touted by the WH as a solution to open the country back up.
I understand the SEC legal consequences and the the examples and answers given on this board, but we are in special circumstances and I don't see this administration blocking a validated test kit from going to market and being used because of a SEC suspension and warning to investors that something might not be right in the companies claims.
The USA lab testing will give us the true answer as to what will happen in the end. They fail lab tests, it's over. They pass the lab tests and news gets to anyone near the WH and all barriers, legal or otherwise will be removed or resolved one way or another.
Thanks to all who keep pursuing answers for this situation and those given on the legal and trading repercussions. Your input has been greatly appreciated as we skip through the non relevant information.
I am encouraged by the fact that multiple people have indicated that the company will respond and that people have tried calling the company for answers.
I am still hopeful. You have to have hope to survive.
Thank you for the Twitter link and info. Whether it happens or not, it at least gives us a short term date to focus on. :-O
Hopefully you are doing this with full knowledge and your own proof of testing the kits and that you can substantiate that the kits do not detect the COVID-19 virus.
Otherwise, your anger and revenge may affect thousands more people than Mr. Berman.
Well, from the comments posted here regarding the SEC action, the SEC is halting trading for what they cite as unclear or bad information in the market given by the company. It is suspending trading with various consequences to "protect investors".
The FDA is not about trading, it is concerned with the science and if DECN can provide the FDA with all the data needed to prove their test kits work, then FDA should proceed accordingly regardless of what market the company's shares are on. Some companies might not even have shares.
If the tests work and the FDA doesn't approve them, it would be foolish or corrupt or both.
The real question is: are the test kits real and do they work. Right now the SEC action does make DECN and Berman look somewhat like a snake oil salesman who doesn't have the goods.
If Berman can prove he has the goods, then he might be a victim of big pharma or someone out with a vendetta who doesn't want the product to come to market.
It's a wild scenario in either case and comes when I was just feeling better about the prospects.
Once again, thanks. It is appreciated to have someone with knowledge give answers to a situation that many if not most of us are familiar with, especially with our money "suspended".
You mentioned a 550 petition to halt the suspension. Is that a more straight forward filing and any estimate as to how long such a process takes to be reviewed?
Thank you. So, if I understand both your answer and TEN's, DECN will still be an OTC Company with tradeable stock and we will see what the last price the stock traded at, but we don't have level II access or any indication of bid size or price nor ask size or price and that is why it's called the "grey" market. It's not that the company and stock are removed from OTC and put on some other exchange.
As does the company have any recourse to resume normal trading action by filing anything with the SEC?
Thank you for taking the time to respond.
"IF" and I know it is a big if, the company truly has a test kit that works and they do have it tested in a USA specialty lab and that lab confirms it works, does DECN have any recourse of getting the suspension lifted or the ability to have MM resume public quotes?
Great, how do you trade a stock whose price you can't know or see?
I have no expertise unfortunately to know how this works as to the criteria needed for suspension and/or what entails thereafter.
When WORX was suspended, the SEC quoted from a short selling activist firm that wrote a report that included some details while ignoring other relevant details about the company's PRs.
So I don't know.
What is the "grey market" and is there any chance that if indeed there were planning and follow through with Lab testing and those results validate the test kits, that it reopens on the OTC as it was?
Certainly not a happy event for me. Still a bit of hope. If we don't get positive test results data from lab within 2-3 weeks, it is over.
If we get some PR about something else other than positive test results, it's over.
Still a glimmer of light at the end of what is now a tunnel, but that light certainly isn't shining very bright right now; a lot depends on who and what info was given to the SEC.
As others have stated, it really comes down to the USA lab testing which should either be concluded within 10 day or 17 days depending on how you read the PR.
If testing validates the kits, the .20s will be left behind for good.
If testing fails, it returns to .02-.05 in a hurry.
All the rest is relevant only to the extent the tests work. And based on the Japanese scientific research paper done back in 2015, they stated that their conclusions is that a "simple device" based on nonlinear impedance electroscopy technology can detect and differentiate between viruses. Link:one Japanese research article proving the science.
So, DECN has built test strips, tested them in South Korea and is confident that they work and will pass similar testing at USA lab. That's why he is hiring media and lobbyists to try to get to the front of the line upon approval and talking with entities about distribution, none of which would make sense if he wasn't confident in the test kits working.
2 weeks or so and we will know. It is that simple, back to work.
GLTA
Sounds like you DD is dubious or lacking while your trading might be a success.
DD should have informed you that there should not have been expectation of EUA yet for the first test kit as the company had yet to announce the completion of the FDA testing requirements mentioned in a earlier PR.
The second EUA for the home test kit has been explained several times in PRs as to what they have done and why. Their submittal now is actually ahead of the previous timeframe they had given.
This "Bogus" company has a FDA approved device on the market using impedance technology and their slideshow on GenViro on their website as well as this board has posted links to the scientific studies proving the ability to distinguish viruses through linear electroscopy impedance technology.
GLTY and your day trading, but please refrain from stating things that do not line up with objective facts.
3 excerpts from today's PR