On April 18th, PBY was trading in a range of $19.10 to $19.29, on normal volume, up through the final 30 minutes of regular trading. At about 3:30PM eastern time, the stock price suddenly ran up from $19.20 to $19.73, according to Bloomberg. Also, according to Bloomberg, there was "unconfirmed chatter" that "PBY might put itself up for sale". During the final 30 minutes of regular trading, the stock traded as high as $19.83 on very heavy volume of over one million. PBY closed at $19.70. In my opinion, either someone is guilty of insider trading, or someone created a hoax, which artificially pumped up the stock price by about 50 cents. I am more likely to believe that someone started the rumor to artificially pump up the stock. Either way, both acts are illegal. I have filed a complaint with the SEC and have asked them to make a determination. Interestingly enough, I posted a message on April 17th concerning 25 years of false buyout rumors for PBY. Enough is enough. If possible, I will be suing for damages also.
The company was for sale at least for last 8 months after Goldman Sachs was hired to "evaluate alternatives" i.e sale. The company is going to sell. Very soon. Barrington and Pirate had this in mind. Defoe Capital put the company into play.
this stock has been pumped for the last year. the company hasnt even shown any results of the turn around, other than a new ceo walking in the door and financial results showing a 53 week year versus a 52 week year. Someone (companies)are way too optimistic. The retailing sector has been strong, but april (weather of course)has been weak, and the retail people are looking over their shoulders. I expect the CEO to clean up the balance sheet (obsolete inventories etc)if Pirates lets him so he can have a clean slate. Certainly you dont want to decrease his performance bonus due to the sins of the past. Lets hear from Harry.
When you file a SEC Complaint - do you use a rat tail file or a bastard file? If you used a rat tail file, it is normally used to enlarge a hole. Therefore you got screwed and the reamer wasn't enough. If you decided to use a bastard file, it is normally used to smooth down the rough edges; meaning you were just pissed off and needed to vent. Most of us ex traders prefer the needle file because even though it takes longer to cut through the bars, we can easily conceal them in prison. Bottom line; I found your posting funny and I just wanted to keep the humor flowing! Riggy