Everyone should have read the SEC warning for noobie investors investing in Q stocks - it would have saved investors a great deal of money instead of believing the botched filing nonsense.
""Q" is for Caution
Investors are often confused by the fact that, despite the likelihood that the common stock of a bankrupt company will be cancelled, the company's securities may continue to trade after the company has filed for bankruptcy protection and before it emerges as a newly reorganized company. This confusion may be aggravated by the lengthy bankruptcy process—which may take months, if not years. Such securities typically trade on either the OTCBB or the Pink Sheets and the stock symbol will have a fifth letter "Q" at the end to denote the company’s bankrupt status.
Risks of Trading in Securities of Bankrupt Companies
When a company files for reorganization under the federal bankruptcy laws, investors are often tempted to buy or hold the company’s common stock in anticipation that the company that emerges from bankruptcy will be profitable. The reality is, however, that when companies emerge from bankruptcy, the common stock of the “old” company is usually worthless. In most instances, the company's plan of reorganization will cancel the existing equity shares."
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