Those sellers just started selling as soon their shares became free trading a couple weeks ago.
The combination of the share price breaking the syndicate price of .25 and the registration of 7.2m shares (priced at .00005) created the perfect storm for PLPE share price demise.
Add the shares PLPE sold with Rodman and Renshaw and you have a cement ceiling. Coincidentally Rodman and Renshaw was the syndicate agent for Apps Genius public offering last month. By the way Darin Myman is classified as an insider with 3.1m shares. So while Darin was pushing the MyMadMillions game (Owned by AppsGenius) through PeopleString, he was also an investor in the game. Sounds like a conflict of interest to me. Also, the CEO of Apps Genius is ALSO the COO of PeopleString.
This is like Deliverance meets Wall Street there is so much incest.
Darin Myman and the other insider that purchased PLPE shares at .25 was done for show. They both own millions of shares at .00005
Do you really think they needed a few thousand shares when they own MILLIONS? And they have options too.
I wonder if these guys realize that once they make a purchase they are restricted from selling shares for 6 months. That should give their friends plenty of time to punt their .00005 shares.
That is why they hired ANOTHER stock promoter to support the share price.
This is the second company Darin Myman has destroyed. Look at what he did to BigString. There was NO REASON to bring PLPE public other than to let his friends capitalize on their .00005 shares. There was NO WAY he could raise funds for PeopleString through BSGC, so he issued shares at ridiculous prices to his friends to create the PLPE website. At the same time Darin continued to work as CEO for both companies full time.
He then got PeopleString members to "upgrade" or pay for various products (Products, RewardString etc) as a way to keep PLPE alive and show revenue until they could go public.
PLPE revenues fell off a cliff because PeopleString members realized they werent going to get any of the things PLPE mgmt promised and mgmt couldnt sell any more Entrepreneur Upgrades.
Instead they are now pushing the "LifeTime Membership" into PeopleDeals.
People arent falling for PeopleString's programs and promises any more.
No business is going to trust their online advertising with a company that has this kind of reputation when you have Google, Amazon, Groupon, Living Social and many others that have a proven track record.
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