Oil Is Not Well As LOGL Gets
A Legendary Clobbering!
A Legendary Clobbering!
Shares of Legend Oil& Gas (LOGL) were decimated yesterday, dropping 70%, on the heels of the second part of an excellent series published by SeekingAlpha.com. The first of the three part series was published on Monday. Part three is expected at any time.
The articles provide the details uncovered by extensive research, including the shady backgrounds of LOGL insiders and makes a strong argument towards proving the stock's status as a Pump & Dump subject. Of course we've been saying this all along, and have had LOGL on our watch list for 113 days now.
Way back on September 7ths daily alert, and then again on October 12, we expressed our outrage that a company that had not yet even completed its prized pretend acquisition of a pretend producer of 300 barrels of pretend oil per day, had a market cap of $120 million, even though it had only $150K in the bank . Even if the acquisition was true, the market cap of the company was already insane. Of course the sure sign of a Pump & Dump was the touts' invoking of Conoco Phillips name within promotional materials.
We congratulate SeekingAlpha.com for this expose and although the writer of the series has disclosed that he is short LOGL shares (something we won't do in order to remain unbiased and unmotivated in our reports), we see no reason why he shouldn't profit from his insight and the carelessness of those who are gullible enough to fall prey to snake oil salesmen.
Our prognostication for Atlas Technology (ATYG) financials proved correct, as the numbers released before yesterday's open were a disaster, in spite of the fact that the company would have you believe that revenues increased by 2000% from the previous quarter. We say so what. Zero multiplied by 2000 is still zero and this is practically what you have here. Almost no revenues from the previous quarter, multiplied by 2000, to result in revenues of $76,950. Multiply that number by 2000 next quarter and then you might have something.
In spite of the astronomical (roll eyes here) jump in revenues, ATYG is still a long way from justifying a $1.4 million market cap. Here's what the press release didn't tell you (and what the touts won't tell you in their next round of pumping emails). The dramatic (try to avoid giggling) increase in revenues did nothing to alleviate losses, which actually increased by 60%. Then there's the matter of $4 million in "intangible" (we'll call them pretend) assets, that look they they were entered into the books just to balance out the liabilities.
But the major omission in ATYG's self congratulatory press release, is the fact that the number of shares issued and outstanding increased from 190 million to almost 700 million. That's an increase of 268% in a period of three months. The float increased by 118% over the quarter to 168.5 million shares. We would call that significant dilution, wouldn't you? No wonder ATYG conducted a Pump & Dump. That's an awful lot of new stock that needs to find a home. And it's no wonder that the P & D was conducted before the (conveniently) late financials were released.
TOLD YOU SO
Back in June, we warned you about a scam that was being run by international con artists and named Forex International Trading Corp (FXIT). We detailed the multitudes of various schemes that Israel's Moshe Schnapp and Yossi Attia and the American boy wonder they always use as the face of their schemes, Darren Dunckel, have perpetrated. Collectively, they have conducted real estate scams, bank fraud and other penny stock frauds and have been the defendants in numerous lawsuits alleging such. We told you then, that FXIT was just another fraud perpetrated by these con men and as a result we defended a lawsuit for defamation until the cowards realized that truth is a defense and hightailed it out of the courtroom.
Well, as we prognosticated, the FXIT scheme was just that and Dunckel has resigned as the figurehead. Predictably, the con men have placed the blame for the demise of FXIT unto the shoulders of others, who may or may not have been complicit in their scheme. And for the fourth time in less than a year, the company's offices have purportedly relocated again, this time to Israel, where the imminent defendant in a series of forthcoming lawsuits hopes to avoid litigation. And we'll bet that the $5.5 million in assets reported in the last quarter will magically disappear in a forthcoming filing. We'd also bet that a new owner of the shell, a name change and a reverse split is in store for FXIT
As for Schnapp, Attia and Dunckel and their merry men, it's on to the next con.
Since Tuesday's close:
BestTopPennyStocks.com has been promoting GSAG in conjunction with an ongoing Pump & Dump campaign.
StockStars.net and at least 1 other paid tout have been promoting FLMC in conjunction with an ongoing Pump & Dump campaign.
AwesomePennyStocks.com has been promoting AMWI in conjunction with an ongoing Pump & Dump campaign.
JuicyStockPicks.com has been promoting ITNS in conjunction with an ongoing Pump & Dump campaign.
TopStockAnalysts.com has been promoting LSTG in conjunction with an ongoing, long term Pump & Dump campaign.
BedfordReport.com has been promoting STEV in conjunction with an ongoing Pump & Dump campaign.
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