The uranium spot price has increased 4 times since August 24th.
Over the past month the spot price has increased 5%. Maybe billionaire George Soros who owns 3.7 million shares of CCJ and Lei Zhang who owns 1.0 million anticipated this price increase as more nuclear power plants keep coming on-board. Recently opened were 3 new nuclear power plants in China, one in South Korea, and one in Japan.
And this just came out..
Sentiment: Strong Buy
When investors get hurt from big gyrations in stock prices then frivolous lawsuits pop up. Them main reason UEC dropped from the highs is because of cautious sentiments regarding the competition from lower oil prices. A major positive for UEC is that it is one of the lowest cost producers in the world. It can make money with uranium prices below $18-20 per pound. UEC's strategy to mostly wait for uranium prices to rebound is smart.
No comment on Management, just that I like the industry, and this stock is very depressed. Bought this past week for the first time, will buy more if it holds $1.04 for a few days. If it does, I'm a buyer up to 1.50.
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UEC has crashed,whats up. Checking in once in awhile and the jist seems they harvested one stock pile of U, sat on it forever then sold it and have nothing left.
Is this the story or am I missing something. Do they have new prospects coming up.
I have worked for people who promote mineral enterprises and, every once in awhile I end up working for dishonest ones. I've always left when I found out what was going on, but the investors usually can't leave. By the time they realize things aren't right, it's too late, their investments are worthless.
I've fortunately, never owned and, unfortunately, never been able to short UEC stock, so I have no financial stake in what happens here but, when the SEC finally does something about Adnani I'll probably smile - just a little.
So, Dev......out of the goodness of your heart, for, surely, you have no position, either long or short, you are bothering to "warn" us all of the danger here......right ?
I googled UEC and its officers and found the Citron Research report, which makes a strong case that UEC is led by people with a history of hype and no significant business successes. It appears that we shareholders are over-paying the salaries of under-performers. No, I don't like that. But corporate governance is that kind of game these days. You won't find many companies where the CEO takes no salary and is paid only in stock. (I can think of only one.)
What I didn't see in the Citron report was anything that convinced me to be suspicious about what UEC says they have in the ground or what permitting successes they have had.
Elsewhere, I don't see any insider transactions that would indicate that the officers don't believe in the company's prospects, or that they benefited materially by hyping the stock.
Mining is a risky business, undertaken by businessmen who have a taste for high risk. That is, it's not surprising to see people who have failed in the past taking a swing at uranium mining. I don't see signs that the officers of UEC would benefit from a failure more than they would a success.
I will continue to hold.
Too late. I suspect the strongest supporters on this board work for or are compensated by UEC. They've been reading my posts for years. If they thought they could sue me they'd have done it.
All my allegations about Lindsay and Adnani are historical facts, easily verified if you just do your research. ALL their previous companies went belly up, having produced no profits, in fact, all but 2 of them never even produced any revenues.
When the gold sector went cold and they couldn't sell any more Carlin shares and the uranium sector got hot they decided to be uranium miners. They filed their paperwork in Austin and overnight Carlin Gold became UEC which, following in their long tradition, has yet to turn a profit, and looks like it never will, but which continues paying Amir Adnani over $600,000 per year plus bonuses and stock options, as does Brazil Resources, another in the long line of profitless Lindsay & Adnani entities.
Really, you're giving your money to strangers - don't you think you should at least check up on them?
I disagree with several of your points. (1) The stock soared between April 15 and July 8th. So it was buyers within this time frame who; might have been injured, if it were proven the company was responsible for false statements. That really limits the amount of possible damages. (2) My family corp successfully fought a claim in the bankruptcy court, then to the U.S. District Court and finally in the Federal Circuit Court of Appeals and it cost us a little over $800,000 in legal fees, so I don't think the cost of defense will be "millions". (3) Granted the burden of proof will be by the preponderance or greater weight of the evidence, but still the burden is on the plaintiff, not UEC, to prove that false statements were made. (4) The plaintiffs have to prove a negative, which is difficult if not impossible to do. They have to prove that the statements were false. I don't know what statements are being objected to, but there are a multitude of opinions that uranium stocks will soar, if the price of uranium goes back to $70/lb. Granted if plaintiffs can prove that UEC does not have any or limited sources or mines for its uranium, then Plaintiffs might have a case. But is there any evidence of that? (5) Will a federal judge allow the plaintiffs to retry old allegations of "making companies fail and defrauding shareholders, especially if Lindsay and Adnani have never been found guilty of fraud. Not only would such evidence be irrelevant and highly prejudicial but it would drag the trial on for months. In addition, if the judge allowed such evidence, if any, wouldn't the defendants have the right to present evidence that they benefited SHers on prior occasions. No judge is going to get into such a mess, especially since the issue is fraud now and not in the remote past.
We need to report to UEC about deviateur because he/she making serious allegations against insiders. Who ever believes this person hesitate to buy this stock or hold . I am holding but his allegations are pretty serious. I am hoping someone from UEC reading these messages. I will call and suggest to IR.
Sentiment: Strong Buy
That's not the right question. Blackrock manages over 7000 funds, invested in thousands of equities and LLCs. I can't possibly know more than Blackrock about thousands of investments but, Blackrock's in investment banking. I'm in the minerals business. There are things I know about which MBAs in Manhattan have no idea.
A few years ago an oil and gas operation in which I was involved sold out to Blackrock - just before the peak in oil equities. Blackrock has since shuttered the operation at a massive loss. Did we know more than Blackrock? We knew with every rig in the country drilling up a storm, with thousands of wells awaiting completion, sooner or later it would end. Blackrock's twenty-something MBAs appeared never to have heard of an oilfield downturn. All they knew was the straight line estimate of our future production.
Nobody from Blackrock ever visited our oil and gas operation, and I'm pretty sure nobody from Blackrock has ever visited Palangana or any other of UEC's supposed operations. I'm pretty sure, with UEC Blackrock is going to experience another massive loss of capital.
But, since they invest in thousands of equities and operations, their loss from UEC won't be significant to their bottom line and most people will go on thinking their judgment is infallible.