The Inquirer's take on it all!
Wave stock plummets after hack attack
Roller coaster toasts WAVX stock
By Cher Price: Thursday 07 August 2003, 08:54
EARLIER THIS YEAR we told you that Wave was in bed with Intel as part of the secure computing initiative.
Too few of you took our advice and bought the shares then, but last week Intel and Wave confirmed the relationship and the shares soared.
Yesterday, however, the share price of Wave (WAVX) slumped by nearly 31%, a drop of $1.39 on the day, and it's all being put down to a report by a US hack.
According to Ellen Sheng of Dow Jones Newswires, its auditor KPMG said that it was doubtful it could continue as a going concern beyond the second quarter of 2003.
Wave wants to issue additional shares but according to Ellen, the SEC is reviewing a proxy statement the firm made, which is preventing Wave from issuing the shares.
She also said in the article that Wave had signed a deal with IBM to use its software, but we'll be dashed if we can find that deal.
It's all very odd. The day before, Ellen said there was no IBM press release, which didn't stop the WAVX share price soaring them, only to take the RMBS roller coaster route yesterday...
Shareholders are incandescent with rage about the roller coaster effect, which some claim prompted a fit of shorting and frantic feeding.
Boom
"It's jussssssssssssS 'gonnabe awesome"
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