Hey Thurman911,
First off, I feel bad for the newbie traders that got caught back then.
IMO the short answer is: It was the historic rogue "pump and dump" of the year.
Jammin Java’s share price rose from $.17 to $6.35, after which it plunged to less than a $1 a share.
This caused a probe by the SEC for possible involvement in a so-called "pump-and-dump" scheme which examined whether online newsletters touting Jammin Java stock through blast faxes and investor message boards contained false and misleading information. Very common today.
The company said in a SEC filing that no one at Jammin Java authorized or paid for any stock reports. They even acknowledged in a SEC filing that there was an "unauthorized" email campaign going around that has artificially pumped up their stock price. The probe by the SEC and the obvious "pump and dump" had people scared and mad.
Some people knew that JAMN recently did a financing deal at just $.40 a share, which was more likely its true value at the time.
Timothy Sykes and friends stepped in for an excellent short.
People freaked out and sold.
Now, here we are with a great company, great products and a cheap stock.
Im sure there are others out there with their own personal opinions as to what happened and we would love to hear them.
$JAMN
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