They have said in in their own words! NO PROFITIBILITY FOR 5 YEARS! Here is the excerpt from the article./
Kansas City-based NovaStar Financial (NYSE:NFI) is the latest subprime lender to be hit with class action claims of securities fraud, after reporting last week that it lost $14.4 million during the fourth quarter and stating that it did not expect to report taxable income for the next five years.
At least three class action claims have been filed so far, in three different states, according to complaints obtained by Housing Wire. All three claims allege that the company issued �materially false and misleading� statements regarding the company�s business, which led the company�s stock to trade at an �artificially inflated� level.
On February 20, 2007, after the markets closed, NovaStar announced its disappointing fourth quarter and year-end 2006 results and further warned that the company expected to earn little, if any, taxable income in the next five years. The next day, NovaStar�s stock collapsed to close at $10.10 per share, a one-day decline of 42 percent, on volume of 22.4 million shares, 15 times the average three-month volume.
They had a big loss in 2006 and the situation is MUCH WORSE now. The losses are going to be tremendous. This co. is in it's final days. Bankruptcy is around the corner and anyone stupid enoug to hold this bag after today neads some severe counseling!!!
Are you kidding me you dope! they can't survive another quarter, let alone 5 yrs. Some here are so pathetically gulliable it almost unfathamable to see it. How stupid can people get! I have given the warning sign. If yhou are stupid enough to keep holding this bag, then you deserve to go down with this sinking ship!!! Get out while you can!
Are you kidding me you dope! they can't survive another quarter, let olone 5 yrs. Some here are so pathetically gulliable it almost unfathamable to see it. How stupid can people get! I have given the warning sign. If yhou are stupid enough to keep holding this bag, then you deserve to go down with this sinking ship!!! Get out while you can!
No they are laughing at all you dumb guillable bagholders. They are enjoying your money! I shorted this bankrupt co. I have made $$$$$! Thank you! You herd traders might have held the progress up(the stock tanking to zero) for a few days, but the big money never has been worried in the least. They shorted this worthless co. into oblivion becuase they know the co. is going to file bankruptcy. Do not go against the big money, you will lose every single time! You have an hour to get out genius.