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Magellan Petroleum Corporation Message Board

  • pxs01 pxs01 Feb 14, 2013 12:13 PM Flag

    Lost 10%. What is going on? Under $1 again

    What the hell is going on??

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    • Well, if you read Zimmy's response, you can see that the movement can be attributed to any number of reasons ... ANY number of reasons. {; )

    • zimmerbros Feb 14, 2013 12:22 PM Flag

      Well, it could be the results contained in the 10-Q that was filed with the SEC on Monday Feb. 11. Why don't you look over the poor results. Or it could be this:

      ..."On September 12, 2012, the Company received a subpoena from the U.S. Securities and Exchange Commission (the "SEC") for the production of documents in connection with the announcements related to the Stratex proposal. On September 14, 2012, the Company received a letter from the Financial Industry Regulatory Authority ("FINRA") indicating that FINRA is conducting a review of trading in the Company's common stock surrounding the August 28, 2012 announcement by Stratex, and requesting information and documents from the Company in connection therewith. The Company is cooperating fully with the SEC and FINRA in these matters. As a result of the foregoing matters related to Stratex, the Company has incurred significant legal and other expenses.

      Additionally, the Company now believes that during early May 2012, Mr. Bogachev, without notice to or the knowledge of the Company's Board, was negotiating with Stratex for the sale of Company shares owned or controlled by Mr. Bogachev in an effort by Stratex to obtain control of the Company..."

      Good luck with your DD and research.

      Sentiment: Strong Sell

1.19-0.02(-1.65%)Jun 28 3:59 PMEDT