Shortly after the warrants were issued the price spiked up.
From looking at a big charts graph it looks like shortly after the warrants were issued in November 1997 the price spiked up from $1 to the $2.50 region.
That makes the following story very interesting, especially this part:
>>"...Top Image Systems Chairman and CEO Izhak Nakar said today: "In December 1997 we first became aware that unknown third parties were circulating inaccurate information about the Company and its activities. At that time we clearly stated that TiS was in no way connected to the spread of rumors and inaccurate information about the Company...."<<
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Is it possible that someone "pumped" TiS so they could dump their warrants? I think it's worth looking into!!
Emory
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TOP IMAGE SYSTEMS ADVOCATES SEC INVESTIGATION INTO STOCK PROMOTION BY GLOBUS GROUP 'SPAM'
TUESDAY, JULY 27, 1999 8:41 AM
- PRNewswire
TEL AVIV, Israel, Jul 27, 1999 /PRNewswire via COMTEX/ -- TiS - Top Image Systems, Ltd., (Nasdaq: TISA, TISAW) today announced that it fully supports the Securities and Exchange Commission's investigation into the false promotion of the company's stock by Globus Group.
The Securities and Exchange Commission has obtained a temporary restraining order against Globus Group from a US District Court. The SEC accused Globus of circulating stock recommendations aimed at stimulating investor interest by using the letterheads of other firms including Prudential Securities, Merrill Lynch and Citibank.
Top Image Systems Chairman and CEO Izhak Nakar said today: "In December 1997 we first became aware that unknown third parties were circulating inaccurate information about the Company and its activities. At that time we clearly stated that TiS was in no way connected to the spread of rumors and inaccurate information about the Company. We are pleased that the SEC investigation has uncovered the alleged source of this fraud and has taken legal steps to bring it to a conclusion."
In addition to Top Image, whose shares are listed on the Nasdaq SmallCap market, Globus was reported to have recommended one other SmallCap stockas well as the stocks of a number of other companies quoted on the Nasdaq Bulletin Board.
TiS - Top Image Systems, Ltd., develops and markets form processing, information recognition and data entry software, systems and technologies. The Company's software minimizes the need for manual data-entry by automatically reading and processing the information contained in forms, increasing data capture accuracy and the rate of information processing. TiS' award-winning AFPSPro software provides a complete, cost-effective, reliable solution for mid to high-volume production form processing. For more information on TiS, you can visit the Company's Web Site at tis.co.il.
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of the Company and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, general economic conditions and other risk factors detailed in the Company's United States Securities and Exchange Commission filings.
SOURCE Top Image Systems, Ltd.
PR Newswire. All rights reserved. prnewswire.com -0-
CONTACT: Izhak Nakar of Top Image Systems, Ltd., 972-3-648-7722; or
Rachel Levine or Marilena Michaelidou of The Anne McBride Company,
212-983-1702 for TiS
WEB PAGE: tis.co.il
GEOGRAPHY: Israel
INDUSTRY CODE: CPR
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