Maybe rare, but it happens.
PIR - On March 13, 2009, shares hit a low of 11 cents. Shares currently trade at $20.64, yielding an 18,500 percent return from the low.
CNQR - On March 30, 2001, Concur traded as low as 31 cents a share. Today, those same shares are worth around $107, notching a gain of roughly 34,400 percent from the all-time lows.
TRLG - On July 30, 2004, True Religion shares traded as low as 67 cents; TowerBrook bought the company for $32 per share.
GGP - On Feb. 27, 2009, General Growth shares hit an all-time low of 59 cents. Today, GGP is trading at around $20.50, a gain of around 3,375 percent from the lows.
AXL - On March 6, 2009, American Axle shares closed at 40 cents, the stock trades above $20 today -- a nearly 5,000 percent gain.
MNST - On Dec. 29, 1995, Monster shares (then known as Hansen Natural) closed at 69 cents. Subsequently, shares made a new 52-week high at $70.49.
Many more examples out there....these are a few. Though probably even more when your talking successful reverse merger shell takeovers.