TEKS BANKRUPT AND DELISTED, UNDER SEC INVESTIGATION?
TEKS has risen dramaticaly in the past month, from 2 3/4 range to over 4. The only information that has surfaced was aquisition news, which was not very favorable for the company. Regardless, this stock continues to fluctuate, ignoring any market indices.
It is quite obvious that the valuation of the stock is in the hands of the market makers and the company. Blatant price manipulation is occuring daily, while the company has failed to generate any sort of revenue, new technology, or even pr.
It has been posted that TechInsight may be filing for Chapter 11, and a delisting is in effect by the SEC. To rally a last minute price increase today past its 52-week high in order to bail out company insiders and MMs , the company huridly released a 10-Q quarterly report, which caught the attention of several institutional buyers who then placed large orders at the ask. However the 10-Q was immediately recalled by the SEC and the IRS, the company forced to withdrawl and retract the statements in the report.
TechInsight is now being investigated for releasing false financial statements and audited for irregular numbers. If the company does not issue a retraction while teh charges are pending, the SEC may halt trading of the stock. I suspect today's same institutional buyers will be placing their orders to sell as soon as word hits the streets.
This information has yet to be verified, and I have personally put in several calls and emails to IR to substantiate these claims, but have had no response, which worries me more. I am also searching for the SEC and IRS documentation.
A company that participates in such blatant price manipultion is obviously corrupt to begin with, and I am sure these dealing will now come to light by the SEC. But they dug their whole even deeper by releasing false financial statements just to bail out company insiders before the stock takes an imminent and obvious plunge because it is going bankrupt and being delisted.
Gotta love these OTC stocks. |
