Actually, the cancellation of that transaction, and subsequent retirement of shares was made public long ago. So they couldn't retire shares returned to the company already. I don't know if this was accounted for in previous filings or not. If not, they'll claim it was an oversight, revise a couple of Q's and it'll be business as usual IMO
75,000,000 is the difference in shares between the Aug. 19 and Aug. 26 reports. Of note, page 21 of each document is different with the later document stating that Canadian Nutrition Superstores had failed to "supply certain financial information requested." This is certainly a valid reason to terminate an acquisition with 75,000,000 on the line. Additionally, this is one of the terms stated in the May 20 Quarterly Report on page 21 regarding the acquisition that FITX could "terminate it depending on the ability of the acquiree to supply certain financial information requested."
I am disappointed that the deal didn't go through, but it appears Canadian Nutrition Superstores couldn't hold up their end of the bargain. While its not a full blown PR sent out to the news outlets, it is a public statement of the failure. I'm sure Canadian Nutrition Superstores is better off without FITX shouting to the world that they couldn't get their books in order. Probably some legal reasons in there for not making a more public announcement, too.
While on the topic of the May 20 Quarterly Report and Canadian Nutrition Superstores, this subsequent pumpsanddumps.com article points out that the report states "The Company will either consummate the transaction in the first quarter of 2014" and surmised that the transaction should already have been completed. Clearly, this is another typo. A document from May 20 noting a recent deal would not be referring to the past as a possible time to finish.
pumpsanddumps.com seems a dubious source of information about FITX. The information is sensationalized and their links to sources don't necessarily go to the correct place. The "Loses Count" article's first link (at the time of this post) directs you to the "FITX - Supplemental Information" Aug. 19 document when the unknown author is clearly talking about the Quarterly Report. Following their chain of thought with the incorrect link felt a bit disorienting. This, of course, can be attributed to simply copying the wrong link by accident. Typos, apparantly, make the world go round.
The mistakes in the quarterly reports on share counts and the Canadian Nutrition Superstore acquisition seem to be the biggest points those articles are discussing. Frankly, there is a valid point to be made by bringing them up: FITX needs to do a much better job with proofreading its quarterly reports. This does not appear to me as much a devastating series of events as they are presented by pumpsanddumps.com, but it is something that needs addressing.
As for the -0.005$ movement today: yesterday's announcement created a boost in volume and price, resulting in an RSI over 70. So, we should have expected a small correction today. Nothing to freak out about. I expect good things in the future from FITX.
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