SPMI.. Majority holder Barron..
Here's what Barron's has to say about Barron
Investors would be well advised to steer clear of stocks like those in the PIPE deals involving Andrew B. Worden's Barron Capital. Of those China stocks, 11 had at least a year's worth of returns and their median lagged behind the Halter Index by 30%. For the seven stocks with three years of returns, the median fell short of the Halter Index by over 75%. The Barron Website features testimonials by the chief executives of Orient Paper and SkyPeople Fruit Juice (SPU) thanking Worden for his support. The Website invites companies to let him introduce them to lawyers and accountants who can help them go public. It boasts of his 20 years analyzing and investing in public and private companies, yet neglects to mention that during that span he pled guilty in a 1995 prosecution for wire fraud and settled an SEC civil suit that alleged he'd opened dozens of accounts and then stiffed brokers on losing trades. Worden didn't return calls or e-mails.
Buried in the exhibits of many reverse-takeover filings are agreements that often give hedge funds like Worden's and Kitt's extraordinary sway over the fledgling companies. In exchange for their PIPE financings, the funds get approval power over a company's choice of auditor, investor-relations firm and chief financial officer.
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