If you wonder exactly why ECGOF is at these levels, I think that this lawsuit says it all. Instead of putting their nose to the grindstone and working hard to restore share holder value, they surf internet bbs searching for voices of dissent. This lawsuit IMO goes beyond professionalism. These BOZOS demolish the company and then demand compensation from some nickle and dime disgruntled investor who probably was long at 12 and made the mistake of buying into their company in the first place. I don't buy the short story. Check out the short interest over the past year, it doesn't wash:
Month Shares Short Avg Daily Volume Ratio*
11/98 50,695 163,141 0.31
10/98 51,238 153,089 0.33
09/98 82,787 162,142 0.51
08/98 106,459 294,114 0.36
07/98 95,614 396,557 0.24
06/98 141,503 118,058 1.20
05/98 131,145 306,325 0.43
04/98 485,019 342,619 1.42
03/98 495,668 343,407 1.44
02/98 644,452 113,536 5.68
01/98 647,659 202,867 3.19
12/97 622,430 171,656 3.63
* Ratio = Shares Short / Avg Daily Volume; it may be used as a rough measure of days to cover.
I was thinking of buying some ECGOF at these prices but after that press release I think I know why ECGOF is at sub 2 buck levels. This whole situation over the past year totally stinks!
VLAD
PS Is there a share holder's law suit filed against ECGOF for not revealing all important information(I am especially referring to the early loan pay off that initially tanked the stock) as required by SEC rules? |
