MNGA is looking mighty plucky and could really test its 12 month high of $1.83 especially now that its confirmed another major sale of MagneGas®
So who sell 33 shares and is SO desperate to sell them they consent to losing an additional 1.99% just to get the sale?
You know I've been watching it more closely and have to agree 100%. The days its up a little at the end of the day somebody sells 100 shares at the bid even though thousands of shares traded at ask. Today was good when somebody put 26K shares up for sale somebody quickly bought them up. I'm just waiting for tender offer for most or all of the company. Have a nice day.
Seven-hundred forty-two shares driving the price down $0.12 or more than -5% is NOT a natural trend.
It doesn't even count as "price exploration". No, it's pure manipulation.
If this kind of #$%$ was happening in a casino all H would break out, people would be perp-walked and the jails would swell to overflowing. It would hit the national media. They wouldn't shut up about it for weeks if not months.
No, there's no manipulation going on here.
These vulture law firms only use professional lead plaintiffs, a practice that's illegal in many states. If we can find the name of that plaintiff, one can do a search on it and see if it pops up in any other "class action" lawsuits within the last ten years or gets used in any yet to be filed. They are commonly tied to "asset management" firms who invest for a mental incompetent with enough assets to buy 100-200 shares in hundreds or thousands of stocks (most less than $10/share). One key would be to find out WHEN these shares were bought.
The whole purpose is to harass a company, demand a lot of expensive "discovery" documents be handed over then reach a "settlement" for a few hundred thousand. The "settlement" is usually a non-opt out or has been until recently. One such is in its final death rattle appeal after their non-opt out status was quashed by the presiding judge and initial appeals court. It should make for lots of media buzz once they rule, expected sometime later this year.
That's typical, a company's stock tanks and these law firms file boiler-plate complaints then come up with only a shareholder with 200 shares, how embarrassing. They'll spend a lot of money on this one yet won't win a dime, but might lose a lot of money and reputation.
It's not like ARCI finagled any books, they simply got a vague tax right wrong according to one view, a view (Cali tax authorities) should have made clear. Both should settle for maybe $1M, then California authorities should make the tax law clear on it.
I agree even worst case they will be ok. I also agree it's in California sentiment to be green and so they might go easy on them. The only lawsuit issue the lead plaintiff if you read in the 10Q that shareholder owns 200 shares, are you kidding me. The law firm certainly won't pursue it for zero profit, plus it appears they haven't actually filed everything anyway. Once the deadline in early May passes for the lawsuits and nobody files anything material that should give the stock a relief rally. 1st quarter scrap is low but the company should be setting up for a good year long rally. I think the California investor will try to take it private, but that's just speculation based on the sec filings from last couple months. Have a nice day.
Even if they get hit with the taxes, as long as it's not beyond target their balance sheet can handle it. Clip it off as a write-off and ARCI may still be trading at just below NTB. Sure, it may yet hit historical lows, but that has been when it was losing money hand over fist..
Keep in mind that however affluent California is, there are millions of folks who have to buy appliances recycled, this one is a big green play and sentiments in California can easily change--why whack a recycler by a supposedly green state? They may go easy on this one and negotiate a settlement as a catalyst, and/or their restructuring might pay off as one.
Green can be mean to any short here who plays it too thinly, and short squeezes crush them on low floaters like this. I could understand a short on one like this without a balance sheet, but not on this one.
Given someone sold one (1) share earlier this week before mid-day, I'd say likely yes. Since that two day drop was barely in the normal ADV range, of course it was manipulation. A stock just doesn't lose 40% of its value on ADV trading.
i'm tired of seeing these same law firms pop up just when a stock price drops because of an unfortunately announcement. i hope no one bites and they go away. The lawsuits are usually a distraction of time and a senseless use of money. Also unfortunate is that this process with CA will probably take a least a year if not 2 to resolve. price will linger.
Yes I agree its sad to see people trying to do this. I don't think there will be any merit to the lawsuits. It appears the law firms are asking for somebody to be first so they can file and if no takers they will just go away. I don't think Jack will just pay to go away for these folks. He will fight them hard and not lay down with poor threats without merit. If anyone remembers the minor lawsuit from a few years ago Jack didn't give up and it all went away with no money for either side. I'm not sure what a buyout price might be but the stock is very low now and I could see private money wanting it at even $4-5. They could win the sales tax issue and it instantly goes to $4+. The downside to me is very limited. My guess is wait to see how CA acts towards arci and any settlement. The net worth of the company even with paying CA if they do it's around book or less. Hope to see double or triple by years end. Who knows!!! Have a nice day.
So, one corporate ambulance chasing law firm beget two who beget five who beget...!
These vermin replicate like the roaches they are. (One need only see the list compiled by yahoo under Company News) Funny how only one has made ANY filing yet all will expect to be paid off in order to go away.
Can we next expect the price manipulator to now appear with their "White Knight" offer?
Has no law firm ever heard of Use Taxes? Most states with Sales Taxes include Use Taxes and those get paid by the customer. Furthermore, did none of the customers mention or question any listing of Sales Taxes or the lack thereof? If ARCI was a "contractor" or a "sub-contractor", Sales Taxes are treated differently than when one is conducting retail--as seller OR buyer.