Re: 2/01 - [TMRT] Company Blames Failure on Internet Messages
Company Blames Failure on Internet Messages
By Giando Argentina
Published by OTCBB News Network
After spending a few years trading stocks I thought I had seen it all. But everyday brings new surprises. A recent story from The Orange County Register bears the headline “Company blames failure on Internet messages”. I know that should say it all but there is more to the story. The evil message board bashers are at it again it seems. In 1999 the price per share of 2TheMart.com rocketed from $2 to $50 in a week, when it reported it would compete with Ebay. Unfortunately, as reported in the article, the share price tumbled last year after the auditors quit and the company couldn’t seem to get its website operational.
Now it would seem that a dotcom without a website might have problems in the marketplace, especially if their claim to fame would be to compete with a proven company like Ebay. But attorneys for 2TheMart.com blame certain message board posters and alleged “shorts” for causing the demise in the stock price. Message board bashers catch heat for just about everything wrong with a company but this story is beyond belief. 2TheMart is being sued, it seems they are all but out of business but yet they turn around and sue to discover the identity of message board bashers?
After a quick view of the message board on Raging Bull for 2TheMart, it does seem like there are several disgruntled shareholders, but then again with this company’s track record I would have to be a bit disgruntled as well. The Wall Street Journal also wrote an article on the subject, in a bit more detail about the company’s troubles.
It seems lately that the “Basher Lawsuit” story is becoming the norm in the OTCBB. It’s an easy way out for companies to stifle opinions that differ from the party line. I sure hope that this is a passing fad because if it continues much longer, message boards will turn into a cheerleading party void of any reality. Which is pretty close to where we are today anyways. As I have said before, most of the worthwhile information on message boards comes from the so-called bashers. I know this may upset some of the message board regulars that think they found the next Microsoft trading at .009 cents. But reality is reality, this is your money, don’t invest or trade with rose-colored glasses on, it could hurt the portfolio.
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