In looking over the posts on this thread I get the impression that not very many posters, if any, know the history of this company's stock nor do they seem to realize that there is another thread that has existed for some time at SI under the original symbol for this stock, SQSI.
SQSI went public around $6, in January 1997. They were either brought public by an investment banking organization (??) know as Sauceda & Granville or after the IPO hit the street that organization relentlessly touted the stock. It may be more correct to say the stock was manipulated and investors were cohered into buying shares by the likes of George Stambouli, who brokered for that organization. One of the ways that organization acted was to Fedex packages each morning with forms to sign for stock purchased but where some had forms to be signed for stock that was supposedly purchased the previous day but which was not ordered or agreed to by the customer.
Talk about a PUMP & DUMP deal! From January-to-July 1997 the brokers at Sauceda & Granville pumped like mad and from July 1997 to January 1998 they dumped like crazy until the stock got to the 10-20 cent region from $7.
Over the past couple of years the SureQuest management has changed although the founders of the company still seem to be around working under the new management [maybe they were bought out]. Unfortunately, IMHO, the founders do not seem to be remorseful enough for what had occurred because they have never attempted to let shareholders know what went on with the devastating collapse of their stock. It is possible that they may have even benefited from the drop in price.
The new management has tried to get shareholder approval for a reverse split and fortunately, they seem not to have been been successful, thank God. Further, one of their recent shareholder relations person informed me that they would be an SEC reporting company by June 1998. Did not happen!!! Now they are going to start putting out announcements every week and become a reporting company. Fat chance, as far as I am concerned.
Doing DD is fine and dandy but is only worth it if you are hearing the truth from management and/or you can get you hands on SEC documents or professional audits, not internal comptroller spread sheets. If someone tells me that they have done a DD on this company, when SEC documents and informative news releases are no where in sight, I just cannot believe them.
Maybe you can make money buying and selling this stock but the reputation of the SureQuest founders and former management along with their association with Sauceda & Granville should make you cautious and hopefully make you try to be as quick and as nimble as you can in moving in and out of the stock. Keep in mind, that you could now possibly have MMs waiting in the wings to short the stock as it moves higher in price, if it does. |
