Imaginary research labs - by FAR. I could cite an example, butt it would require me to violate attorney-client privilege to provide the names and details of the worst example I know of firsthand.
Suffice to say that there have been NASDAQ stocks with valuations near a billion that were nothing butt pure vapor. I have stories that would blow your mind. Like the the bulge bracket firm underwriters who brought that crap public with little to no real DD.
I have seen a company IPO into the NASDAQ in the mid or late '90s which was built around an entirely fictional molecule for which the 'research' did not exist - at all - the CEO made up a fictional molecule and completely fictional data. I know it firsthand. I was the one who needed to see the data to be able to describe this molecule and how to produce it. There was nothing but pure BS and lies behind it - only a name and a molecular weight. Period. Not even a structural formula. It was fictional.
This was a stock that's been pumped on CNBC in the past.
True. Absolutely true. And since he is now a CEO at another public biotech and the old NASDAQ ticker is still alive, I cannot divulge the details.
He is now on his third or fourth bullshit public ticker. All pure hot air.
Crazy.
Now, one I can tell about is Aphton. Now that was a fun scam - and I don't owe any privilege obligation to that bum and his scam. APHT. Run out of a storage locker in Woodland, CA by an electrical engineer turned bathtub immunologist and protein chemist - LOL!
And then there are the David Blech scams. (He's back in prison again, BTW.)
