From antandsons dot com
Sulja Nightmare: Probe, Financials Haunt Stock
With the deadline for the release of audited financials passed, investors sold shares of Sulja Brothers Building Supplies Ltd. (OTC: SLJB) in droves this morning. Yesterday, Sulja shares also traded lower, down $.015, or 14.29%, to close at $.09 on 21 million shares traded. However, it could have been worse if it was not for traders opening up their wallets and buying shares in anticipation of an after hours release of audited financials that was still thought to be in the works. Unfortunately, those speculative bets turned out to be nightmares. After no audited financials were released, shares of Sulja Brothers tanked, gapping lower to open at $.055 before investors who could not get their sell orders filled, pushed the stock even lower as they raced to get out of Sulja as quickly as possible. In early afternoon trading, the stock is down $.051, or 56.67%, at $.039 on record volume of 136.67 million shares. Besides the broken promise of releasing financials by the set date of November 15, what is really adding insult to shareholders is The Windsor Star article written by Gary Rennie who conducted an interview with CEO Petar Vucicevich. In the story released today, Vucicehich, admitted he "was questioned last week by the RCMP." The article continues with Vucicevich saying "the officers who questioned him told him it was a routine investigation because the price of the stock had shot up from zero early this year to around 12 cents a share in recent trading." In a nutshell, the article shot down whatever credibility the company had left and sparked fears that Sulja would be subject to a trading halt. In an early afternoon press release, CEO Vucicevich fought back and tried to refute the negative perception Rennie's article created. He added that the company would release its audited financials "as soon as is practicably foreseeable." At this time, a Sulja Brothers representative would only comment by saying that the financials should be out "very soon" and that the company was looking into statements posted on its website. Stay tuned and look for more information on this developing story.
by Thomas @ 2:33 PM | 8 replies | E-mail | RSS
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