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Biotech / Medical : Matritech (NASDAQ - NMPS)
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To: William J. Leiby who wrote (596)4/9/1998 8:28:00 PM
From: The Vet  Read Replies (3) of 849
 
William, as a long suffering stock holder in NMPS and a believer that they will eventually get somewhere, I was rather disappointed at the recent decline in the price.

However, we are being had! The market makers or somebody in cahoots with them are doing everything possible to keep the price down and are engaged in improper practices to do it.

I decided this afternoon when the BID was 4 1/8 that I would buy more stock so I put in an order to buy 10k shares of NMPS at 4 9/32. They immediately raised the bid and the ask and traded past me. I then put in another order for 10k at 4 3/8. Again I was jumped over.

Not to be denied I placed the next order at the ASK 2 minutes before the close (which had been raised to 4 5/8 by then) and I was partially filled with 1000 shares at 4 5/8 but not until 15:59:51. I then discover that the balance of my order was marked "REJECTED" and they had the cheek to drop the BID on the close to 4 3/8 while refusing to fill my order to BUY at 4 5/8.

There is no doubt in my mind that somebody wants this stock to look cheap and show apparent weakness. Probably shorts who need to cover or a big player wanting to accumulate cheaply. We can but speculate, but I can assure everyone that the BID at the close should have been 4 5/8 as I, had an order already partially filled and I was prepared to fill the balance at that price and the partially filled order was rejected apparently because it was considered to have been made after the bell. I have no idea how the MM can partially fill an order recieved before the bell and then reject the balance as being too late and then fiddle the closing prices to suit.
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