OT: HrH: Unfortunately one of the poster children companies (CMKM Diamonds - CMKX) crying foul about naked short selling seems to have been using it as an ruse to cover the fact that they had issued literally hundreds of billions of new shares over the last couple of years unbeknownst to shareholders since the company was not filing with the SEC.
The SEC revoked its registration last week for failure to file periodic reports (company CEO took the 5th at the hearing) and the company now admits it has over 703 billion "validly issued" shares outstanding.
From the company's PR:
"At the time of CMKM's revocation, CMKM had 703,518,875,000 shares of common stock validly issued and outstanding."
It's a very ugly situation. The attorney for the owners' group sent a letter to the company asking that some of those involved be pursued legally by the company, however that would be problematic as the company itself was complicit.
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