There are only 4 of us that own about 8M shares each. We own two OTC stocks, GNPT and $C*DN&L. Our club, has been around for 12 years and have only bought into the biotech sector, until last year! There are eight of us and one member has friend who works at a major financial news organization in NJ. He contacts our stock's IR, PR, CEO or CFO's for us, on rare occasions.
We found the CEO of United Recycling, were told he can only be contacted via cell phone. If you doubt our DD, call United Recycling and the receptionist will tell you the CEO's name and cell number. He called the CEO about a dozen times and his voicemailbox was full. A few days later he called and was able to leave a voicemail twice, but because he can't receive incoming calls, he gave up.
After another stock holder did additional research on "URM" and because the GA Secretary of Office, BBB, researching recent bankruptcies in that industry sector came up with nothing, we came to the conclusion, in our opinion it was all smoke and mirrors!
We have seen that the classic pump of the "LOI" is sometimes used by desperate CEO's to benefit their debenture holders!
We have made significant gains in two of our biotech stocks last quarter, so we will now use GNPT as a loss in December to offset our gains. Unless, we are wrong (and we have been in the past) and this stock somehow can rebound, but doubt that due to the OS and loss of trust and credibility!
But see, it doesn't end there, because if fraud was involved, we WILL purse a FNRA investigation and possibly class action against the CEO and the company.
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