Here's the section on MEVT in the SEC report:
vi. MSE Enviro-Tech Corp.
48. In October 2009, PennyStockChaser website touted MSE Enviro-Tech Corp., a Delaware corporation headquartered in Miami, Florida and purportedly in the business of developing fire suppressant technology whose securities are quoted on the Pink Sheets under the ticker symbol "MEVT."
49. Specifically, on October 22, 2009, the website touted, "[MSE] is on watch @ .50.... [MSE] had an initial breakout today and we think the move higher is underway;" "We think [MSE] will move 400% to 900%. Our long term target is $5.00;" and ''The stock could see a move to the $5.00 and make members big money if they move fast."
50. On October 23,2009, the website said, "[W]e like the upside on [MS~] and we think the stock will put some serious cash in your pocket. Now is the time to buy the stock and wait for the move we expect. The team @ PSC can see momentum carrying this stock to the $5.00 level." [emphasis in original].
51. MSE's stock price and trading volume increased significantly as a result of the Defendants' promotional campaign. The week before the touting, MSE's stock closed at prices between 35 and 38 cents per share, and the average daily trading volume was 26,600 shares per day. The same day the website began touting MSE's stock, the share price increased to a high of $1.30 and closed at 99 cents per share, with a volume of more than 1.5 million shares traded. After the touting ended, MSE's share price decreased and closed at 30 cents per share on November 3,2009.
52. From October 22, 2009 until November 12, 2009, Meadow Vista sold 533,334 shares of MSE stock for approximately $240,000.
2. Failure To Disclose Compensation For Touting Shares
53. The Defendants have also failed to disclose in some cases the full amount of the compensation they receive for touting stocks on PennyStockChaser.
54. For example, from September 2009 until January 2010, the website said PennyStockChaser had received 140,000 shares of Atlantic's stock from a third party. In reality, an Atlantic affiliate had transferred 430,000 shares of Atlantic stock to Meadow Vista in exchange for touting Atlantic's stock on the website.
55. Furthermore, the PennyStockChaser website states it received 350,000 shares of MSE's stock from a third party. In truth, an MSE affiliate transferred 483,334 shares of MSE's stock to Meadow Vista on October 21,2009 in exchange for touting MSE's stock on the website.
