SEVU Withdraws Amex Listing and Attracts the Attention of InsideTruth.com
By Giando Argentina
Published by OTCNN.com
12/26/2000 12:30 PM CST
Seaview Underwater Research Inc, (OTCBB: SEVU) on December 22, 2000 issued a Press Release after the close stating, “Regarding the American Stock Exchange, we had hoped that market conditions would improve, and an exchange migration could occur this year. As we all know, many things have left us with a depressed market. In consulting with experts in these matters, the Board of Directors has approved my request to withdraw our application to the American Exchange.” Looks like another company with aspirations of an exchange listing is forced to remain on the OTCBB due to market conditions.
Interestingly the company also stated “We are now battling against a major shorting effort, and the distasteful and dishonest statements of people who seek to gain from the naiveté of others.” Of course it is important to keep in mind that people seek to gain from unsophisticated investors in many ways and distasteful and dishonest statements can be made to inflate as well as deflate the share price.
Another interesting point about Seaview Underwater Research Inc is the amount of 144 filed recently. Seems that a large number of individuals have been registering their shares for sale throughout the year and especially the last four-month as reported on www.insiderscores.com and www.edgar-online.com. Obviously if a large number of shares are sold into an already depressed market the share price should continue to erode without a steady supply of buyers to absorb the shares.
It seems that more and more companies are making reference to statements made on financial message boards and short sellers as a possible reason for a decreasing share price. SEVU definitely has it’s critics, www.insidetruth.com, which states “Our goal is to expose the criminal element of Wall Street, to expose insider fraud and to hold these criminal executives responsible for their fraudulent behavior. Periodically we will publish research reports on various companies exposing what our research has uncovered about the companies, their products and their management.” recently released a rather unflattering report for SEVU at www.insidetruth.com/reports_sevu.htm. While I have not independently verified the accuracy of the report it does make for interesting reading. Investors should, in my opinion, always look at both the positive and the negative of any investment equally to make better investment decisions.
On a side note, it does also appear to me that lately OTCBB companies are releasing news that may be interpreted by investors to be of a negative nature after the bell on Fridays, sometimes preceded by rather high volume days, as compared with average daily volume for the stock. In any case, in this type of market, with companies issuing earning warnings and other information of a negative nature to the share price, investors must be extremely alert to any possibilities whether they participate in the NASDAQ, NYSE or OTCBB.
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