Filings won't save VRX. The more light shed, the worse this company will look. More lawsuits coming, fines, and more political and legal headwinds that essentially degenerates drug companies that gouge customers, deal in shady financing, and create no value.
As predicted here 18 months ago, CurrentC = DOA!
" On Tuesday, the company notified beta users of its payments app, CurrentC, that the test was ending and their accounts were being deleted. This news followed MCX layoffs in May. It finally looks like game over for CurrentC.
There were plenty of other signs along the way spelling out trouble. Just a sampling: Customers who signed up for the app had their email addresses leaked in a hack in 2014, and the new CEO who arrived in 2015 said the launch likely wouldn't happen until 2016.
In the meantime, some big MCX partners like Best Buy said they would start accepting Apple Pay. Finally, Walmart — perhaps MCX's biggest initial backer — announced its own app, Walmart Pay. Some Walmart insiders were obviously tired of waiting for CurrentC to become a reality.
A few weeks ago, I told MCX that I planned to report that the app was dead for good, based on my sources, and not that the launch had simply been "postponed" as MCX had stated when announcing layoffs.
"That’s absolutely false," a spokesperson told me at the time.
At this point, though, I would be absolutely flabbergasted if CurrentC ever sees the light of day going forward. Why the company continues to try to say different is confounding to me. As is the question of why MCX members ever thought this would work in the first place.
10 days later....
Even Ackman has now borrowed my "death spiral" description. The only difference is we're on opposite sides of the trade.
Fresh lows ahead....
Hey Ackman, et al this pig is in a death spiral. Party's over and so now the long sloppy clean up begins. It may never see $30 again but VRX will see lot's of court action, legal claims, and very likely Chapter 11. Give it time.
Crushing debt seals its fate. Short this pig with impunity!!!
Fresh lows indeed! VRX will print in the teens over the summer. Yup, the heat is on - and the risk remains.
Kudo's to Wayfair for winning top honors. Not a huge shock, but still, a little recognition for what they've accomplished is appropriate! Onward!!!
"Wayfair Inc., the online home furnishings retailer that grew its online sales 71% last year in its first year as a public company, was named Internet Retailer of the Year, taking the top prize in the second annual Internet Retailer Excellence Awards, held Wednesday night.
"Our job is never really done," said Jane Carpenter, Wayfair's director of public relations, in accepting the award. "We're really focused on creating the world's best e-commerce experience for the home."
Wayfair, No. 24 in the Internet Retailer 2016 Top 500 Guide, operates e-commerce sites Wayfair.com, Joss & Main, AllModern, Birch Lane and Dwell Studio, and increased its active customers in 2015 to 5.4 million from 3.2 million. The e-retailer was selected as the winner of the Internet Retailer of the year award over four other finalists: Amazon.com Inc. (No. 1), Etsy Inc. (No. 23), Nike Inc. (No. 47) and Nordstrom Inc. (No. 18). A panel of judges that included Internet Retailer editors and industry consultants selected the winner."
It's officially Summer, and we're officially trading in the teens.
Looking to cover soon. Thank you piggy!