I was probably not on top of things enough. However, in the early part of 1998 and late 1997 I was given the information that the OS was under 10 mil, and only after the audited financial which came after the big run, did we learn that the os was actually 6.8 mil and the somewhere along the line went up to nearly 22 mil. As an investor I never was informed when that happended. For something like that to happen without a public announcement to stockholders seems to me to be the ultimate fraud.
They say that this is "typical" of BB stocks, but pray tell, where in the laws of this country is anyone on any exchange permitted to conceal, mislead, cheat, or engage in any activity which has the intended or unintended effect to mislead? Dilution of stock is always a material reduction of the value of an investment, and should be done with advance warning as to the amount of dilution and estimated financial effect. Concealment is still cheating, and is illegal as hell, morally wrong, and even if not specifically prohibited for BB stocks, still does not make it right!
So there is my sermon for today, for those who did not make it to church. Of course, I'm probably preaching to the choir.
Russ |
