Tim,
I received an e-mail today from Al Coccio, and I am convinced that he only wants to help as a fellow shareholder. He has level II, so he can monitor activity by market maker. According to Al, LaJolla is selling shares but not buying. They always have the best ask price, but back the bid off in order to keep from buying shares. Supposedly, this has been going on since this run began.
If LaJolla is selling Reg. S shares, then the 4 million (the quantity that was mentioned in a prior post) they had for sale should be exhausted by now. But, they are still selling with no buying. I now wonder if this is an illegal naked short situation. If that is the case, then they probably don't intend to cover until the stock corrects. Regardless, according to the restrictions placed on them by NASDAQ, they are already illegally trading in this stock. Whether GLPC is a reporting company or not makes no difference, they are trading outside of the restrictions placed on them by NASD. This situation should be reported to NASD for review.
Regards,
Darrell |
