They offer a more than slightly disingenuous account of their difficulties. To explain very briefly, they first did a 1:6,500,00 reverse split, leaving them with (according to the transfer agent) eleven shares issued and outstanding. They followed the r/s with a 3,000,000:1 forward split. Believing the forward split became effective on its date of record, which was this past Tuesday, they put out a PR and began selling stock into the market. A number of people called the company to tell them the forward split would not become effective until the ex-dividend date, but company officals laughed and said they knew what they were doing. The transfer agent did the same.
And so the buying of non-existent shares began. I confess I don't understand where they got the 3 million figure; total volume Tuesday-Friday was a little more than 450,000.
"Internal investigation"?? Three people?? And what makes them think they have the right to order people not to trade the stock?
I strongly suggest that you do NOT agree to a trading suspension, and that the Nasdaq does NOT agree to a trading halt. Gluv got themselves into this mess, and I believe they should be forced to cover. They could have taken steps to deal with this days ago, but chose not to do so.
I think this is particularly important because of all the nonsense surrounding the naked shorting issue. If the company is suspended or halted, I have absolutely no doubt that many of the more strident GetShorty campaigners will start screaming that the SEC and the Nasdaq "caved in" to the evil naked shortsellers. I don't think that should be allowed to happen.
I'm an individual investor, and have a very small position in this stock.
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