Please contact SEC division of trading and markets and let them know the insanity of this indefinite halt. A T1 halt should not last this long and pressure needs to be put on the NYSE. This SEC division can do this. Their phone number is 202-551-5777 and email address tradingandmarkets at sec.gov.
I have contacted the NYSE which is were this POS trades. I am long April 7.70 Puts. I was told nothing other than I should contact my brokarage co. and see if they can PUT me the stock and then I would have to hope & pray that this trades on the pink sheets. The person I spoke to made me believe this will never trade again. So I wish people on this board would stop lying to themselves and the real investors on here.
I have also been trying to reach someone at FAB #$%$) but the co. # is not working. (Phone: 412-621-0902). I did call their Investor Relations - Lippert/Heilshorn & Associates # 212-838-3777 I believe Stephanie Prince called me back stating they are in contact often with FAB and that they may have a issue with their phone lines?? I askled her if we could do a conf. call together she said for what reason? Maybe because they are having a "Enron Party" right now and I am a investor with questions.
Please take 15 min. and make a few calls this is bad! No matter what side you are on this "you will lose"
I talked to the NYSE and SEC. The person at the SEC told me theres not much they can do but that I should contact the trading and markets division. This division can put pressure on the NYSE to get their *#$^! together. I also talked with Fab IR. She said they have done what the NYSE requested and are waiting on them.
The problem with being short is the large HTB fees, currently at 99%. If your puts get exercised, you will be short the stock and have to pay these fees. It can add up quickly, especially if you cannot exit the position.
There was some misinformation about the halt here in the past. Here is what the Business Reporter from the Pittsburgh Tribune-Review was told:
"In an emailed statement, Fab CEO Chris Spencer responded: “It is a halt, pending news.” He declined to answer questions, citing a shareholder lawsuit."
"The NYSE said in a statement that Fab shares were “halted this morning before the open, for news pending. The stock will be halted until further notice.” A news-pending halt is instituted “when a company has pending news that may affect the security's price”
Gotta love this quote:
“Trading halts under these circumstances do not typically last for too long,” said Rob Goldman, owner of Goldman Small Cap Research in Baltimore. “But if it persists, investors will be very concerned and impatient, and the consensus thought process could be that where there is smoke there is fire.”
"In its earnings report, CEO Spencer said Fab has kiosks in 40 cities across China with a total installed base of 16,820 terminals and that the company continues to add “high-quality copyrighted content” to its offerings."
"TOTAL INSTALLED BASE OF 16,820 TERMINALS"
How come we don't have that verification in three months when they "said it would issue a public statement “to refute these defamatory remarks” as soon as possible."