VERY briefly, the company planned a forward split. It had just done a reverse split so big that only ELEVEN shares were left, all of them owned by insiders. Somebody, accidentally or on purpose, didn't understand that "record date" was meaningless, and that the forward split would be paid on the ex date.
So....one of the insiders sold one of the eleven shares. Unfortunately that insider didn't sell just ONE share; he or she sold the number of shares that would have been his or hers AFTER the 3,000,000:1 forward split became effective.
Basically, that person sold short, abruptly dumping 3 million shares into a real o/s of ELEVEN. At the same time the company put out a pumpish PR.
All this was noticed. Buying began. Some IHub posters contacted the company and told them what had happened. The company blew them off. The same posters contacted the Nasdaq and the SEC.
The result was pretty much chaos. There was a smallish short cover on the Friday, and then on the Monday, after the f/s was supposed to have become effective, enormous volume traded. Pretty much only ONE brokerage, Ameritrade, let its clients sell on that day. One guy claimed he made half a million.
After that, it pretty much stopped trading. A few days later the SEC suspended trading in the stock. The company kept on issuing PRs saying they were doing this or that, but nothing ever happened.
It still isn't trading, more than a year later.
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