Again, wasn't his call.He actually advised AGAINST doing the r/s. Seems to be a recurring theme here...
It was very much his call. GEORGE Sharp - let’s recap what he said on conference call. We received a number comments about how, ah, some...certain people would have wished that we had announced that we were going to do this reverse split sooner…in other words, we should have told you a week ago or two weeks ago, ah… I made the conscious decision that we were not going to tell you and I will tell you why – it would have created mass panic, some of you would have sold your stock, which is fine, but the problem is, with that mass panic instead of selling your stock at a dollar ninety cents, eighty cents seventy cents you probably would have ended up selling...a lot of you selling it for forty cents. So…ah, I don’t want to sound…ahhh… like I’m your mother but we saved a lot of you from yourselves here. The other issue is that this reverse split also forced any short positions to cover and I think that is what you saw today…a lot of the short positions covering. And…ahh..we didn’t want to warn those shorts that this was coming at all.”
Plus he was wrong about shorts having to cover in a reverse split - they don’t. ——- And later went on to tell investors the company wasn’t going to give their business away for free.
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