As a newbie lurker who has a few (K) shares of this seemingly speculative stock, here are my views on the past week (BTW - I did not day trade away any shares but did pick up a few more):
SEC and C&D
I am glad that LegalBeast contacted the SEC. I called too late on Friday evening to complain about what I saw as almost unprecedented libelous material issued twice in two days (to be read as "we really want your shares so we shall steal them this way..."). If we have any lawyers among us familiar with securities law, we should start a temporary thread to develop a template letter that people can copy and send (e-mail or snail mail) to the SEC about this situation. Although not familiar with the legalese, I would be glad to help.
STOCK DETECTIVE
The Stock Detective did not do his homework well. The piece was very slanted. As a relative newbie, I can understand the need for the need for such a site and think there are valuable things on it. The PNLK article went way too far, though, and echoed the C&D report by saying that "it was not apparent just when the site would be open" and, therefore, we were all being scammed. They were clearly intimating that it MIGHT NOT open. This is clearly overstepping the bounds of informative journalism into damaging, muckraking hype because a specific date was given by Glenn; then, SD (and C&D) not only ignored this but also published misleading statements to the contrary just moments (in a relative sense) before the opening. As a newbie (but one with a partly functional brain), I realized I could not put credence into either report as I knew the timeframe and could smell possible alternative motives. People do read these things and are influenced by them, though. To the Stock Detective's credit, they listed a couple of companies with business activities similar to the PNLK idea. I am finding it's always a good part of DD to check the competition. Very harsh story, though. Ouch. BTW, those who posted links to the C&D disciplinary actions were helpful in getting a clearer picture.
STOCK GENIE
The smoke from that genie's bottle smells - for several reasons.
PR
While Glenn chose to take the high road and let the site speak for itself, I am annoyed that their press release did not go far enough to indict the people who were misquoting him. Damage control was a good idea, but I tried to put myself in the shoes of a POTENTIAL (rather than current) investor reading about this company. If I hadn't already done some homework, and if the C&D and Genie articles were my FIRST exposure to PNLK, I would have not bought in. Remember people, it's new investors who make the share prices go up and current ones who bring it down. That is why I think Glenn didn't go far enough. I sincerely hope that Zagoren et. al. have launched their own complaints to the SEC. Maybe PNLK won't have to be on the BB much longer. :)
BIG PICTURE
Unless people organize and ferret out the corrupt individual market makers and securities brokers, the raping will continue...(both in the spread manipulation/gouging and overall price manipulation). If anyone has good info on this ALEX MM, he should be reported. As with Microsoft and Dell, a year or two from now all this may not make a difference for PNLK and we can add PNLK to C&D's "most distinguished list". As someone long on PNLK, I hope that's the case. But, it seems clear that day traders and often unscrupulous MMs rule the OTC BB, and this kind of action can severely damage some small companies.
DAY TRADING
If you day traded your own shares away, you are part of the game and arguably part of the reason the stock fell. You can't just blame others if share prices fall and you sold, too. Duh. If you play any game with pros, and you are not one, do not be surprised to be on the losing end. Rules of most games are stretched to their limit.
OTHER PEOPLE'S VIEWS
Contrary views should be tolerated and used as learning tools. Facts convince intelligent people more effectively than name-calling.
Sorry for the diatribe (my only SI post).
Still long on PNLK,
hde |
