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Dendreon Corporation Message Board

  • technichart technichart Apr 28, 2009 10:09 PM Flag

    Here is what I have reported about today's manipuation...

    I suggest you use this letter ot write your own and copy the SEC, the DOJ, the White House, and your Congressmen and Senators!!


    "How can you protect us from Bernie Madoffs if you cannot protect us from what happened today???

    I feel morally obligated to bring to your attention a crime I witnessed today yet sanctioned by the NASDAQ. It is my sincere hope that you will review the information I have taken the time to present below and consider your duty and responsibility to respond appropriately.



    Just minutes prior to a trading halt at 1:27 PM today in Dendreon (NASDAQ: DNDN) for the public release of trial data on their revolutionary drug, Provenge, an orchestrated raid on shareholders took place taking the stock from the mid-twenties to under $8 in less than 70 seconds. During that 70 seconds over 4000 trades for over 3 million shares were reported to have been made ( http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaRJAl40MMeQ ) suggesting to me that this was orchestrated and forced onto the market and not part of the normal market forces that drive a stock. Certainly, such actions are beyond the capability of the retail market. When the stock resumed trading later in the evening it had returned to the mid-twenties, but the damage had already been done.



    For many small investors who are careful to invest their savings, stop losses had been placed to protect their investment from too much erosion in case sentiment changed. However, the rapid execution and manipulation of the stock prevented those shares from being filled at a reasonable level as these stop loss orders activated and issued market sell orders. These market sell orders actually pooled with similar unfilled orders causing a cascade of falling prices hitting more stops and forcing more market orders onto the market. I have no doubt that whoever orchestrated this manipulation did so to scoop up those shares at bargain prices as opposed to where the market had been trading just seconds earlier, essentially stealing the hard earned equity of these smaller investors. And, as the stock returned afterhours to previous highs for the day, the profits that rightfully belonged to these individual investors were also stolen.



    Analysts and journalists commenting on the story were dumbfounded to explain the trading action and reluctant to offer their theories openly. And, after a brief investigation the NASDAQ quickly announced that all trades would stand leaving all affected investors with no recourse. However, I am writing to you in the hope that the Obama Administration represents a new ethic for the nation and for Wall Street and that a sense of responsibility exists to investigate this incident and publicly report on an explanation.



    Although I was not affected by today's trading manipulations, I see what happened today as one of the most outrageous and obvious attempts by professional traders to game the system at the expense of smaller retail investors. And, a more thorough investigation would go a long way to building back confidence in the markets for small private investors and reform what I consider to be a very corrupt system that favors hedge funds and professional traders at the expense of individual investors!



    Sincerely,

    XXXXX XXXXXXXX


    cc

    The White House

    The Sec

    DOJ

    Governor Jennifer Granholm

    Senator Carl Levin

    Senator Debbie Stabenow

    Congressman Gary Peters"

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    • Great idea... for this injustice.

      I will start contacting the right people. I have already done the email input to White House via:
      http://www.whitehouse.gov/contact/

      Hope all the people who care about this issue can do the same.

      Again, thanks for idea and the letter. Maybe we will get some attention on this "Wall Street robbery in broad daylight".

    • Obama? The SEC? Your Senator/Congressman? PLEASE. They are all corrupt and in it together. This has happened a THOUSAND times before and they do nothing.

      Please don't tell me you were one of those idiots who "voted for change" and don't yet realize that NOTHING HAS CHANGED.



      Good letter though. Useless, but very nicely written. Seriously.

    • well written. Send it to anyone that can investigate it.

    • These market manipulators with evil planning and foresight recognized that their un-American and possibly illegal activities would give them huge "after hours" trading power to further pillage the stock value from retail investors by locking them out of buying. That kept the prices within a narrow non-competitive range for them to load up on shares at a discount. I believe this is organized crime. It violates strong basic social norms of nearly all modern and ancient societies in that it undermines all of the basic principles of freedom, ownership, and decency.

      I am approved for after hours trading. However, as an individual investor with a single account at Scottrade, I found that Dendreon common stock was restricted from buying because of the huge price drop before the halt. I tried placing buy orders at a number of prices for various numbers of shares, and found that I couldn't buy even 1 share. I called my local broker, who transferred me to technical support, who then transferred me to their national broker. After my best arguments, they refused to lift the after hours buying restriction. They assured me that I can sell my shares. Which has nothing to do with why I called them. I will be so amazed if the next stock price I'm able to compete for is anything close to the range that these market manipulating evil monsters enjoyed for so long this afternoon.

      My condolences to all those who were severely damaged by those who so blatantly cheated today.

    • Going send a copy to my senators as well, and I have no stake whatsoever in this company yet as an outsider can clearly see this as manipulation. I'm pissed just for all those who lost money and the dbags who scooped in at "just the right time".

    • The problem with your argument is that every retail investor has access to the float position of the stock. DNDN had 42% of it's float in the hands of institutions & 22% of it on the short side.

      Those #'s are updated at the end of each month, so that represents the position going into April. Any investor should have realized those #'s likely grew over the course of April.

      The ignorance of investors is not a good reason for greater govt oversight of stock markets.

    • Even as a new stock trader, I know there is something intrinsically wrong with this picture. Why do we not have a corresponding huge volume line to correspond with this massive stock devaluation?

      There's something fishy going on here.

    • I very much applaud Your action and also strongly recommend attaching the threads from the originator of this uncanny "experienced investor"s advise: HIGH PROBABILITY MASSIVE BEAR RAID 12 30 pm central today.
      Thanks and Good job.
      by monthaphumchareon [28-Apr-09 11:22 am]

    • good letter. i copied and posted it on my blog so others might find it and send it.

      i've traded/invested for 15 years and what happened today reminded me of the late 90s when any and everything was allowed.

      as usual, no one cares about the retail investor.

      if you'd like to see where i put the letter, google papergains and blog. i'd put the link, but they'll call it advertising and block me.

      papergains

    • You all need to learn what a stop loss actually means. You are complaining because someone made a lot of money playing within the rules. Yes many people were burned but the fault is their own. Or maybe blame your broker for not explaining what occurs when you put a stop loss order in. The real fault probably lies with DNDN itself as they should have asked for the stock to be halted all day. If they had no neither the longs or shorts would have been able to take advantage today and there would have been an equal field for tomorrow.

      • 1 Reply to uclabruins1991
      • that was what we were saying all morning....last halt, the info wasn't coming out until the next morning and they requested the stock halt....why was it trading at all today w/ breaking news afoot...?

        hindsight is always 20/20...my heart goes out to all those who lost actual money today...the loss on paper will be made up by closing bell tomorrow...

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