If you ran a multi-million dollar, state of the art high-tech company and had a $360,000 annual salary, would you be dumb enough to get busted driving drunk with a suspended drivers license after having served 3 years for the same offense?
Traders not knowing they were invested into a Company run by a convicted felon, Bourque Industries, Inc. (BORK), found out the hard way Wednesday. CEO of the pink sheets listed armored plate maker, John M. Bourque, was convicted on Wednesday and shares of BORK stock tumbled more than -70% after gaining over 3,000% since Christmas.
While it isn’t breaking news since many already knew of yesterday’s scheduled court session, unbeknownst BORK shareholders are left holding a bag that may take months, if not years, to see double digits again. At least John will have the inside line in the joint when they are looking for someone to run the license plate making machines.
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BORK Stock Chart
Market Cap: 25.06M
Last: 0.07 ▼ -0.165 (-70.21%)
Dollar Volume: $618,290
Issued and Outstanding: 358,050,003
14-Day Rel Strength: 47.49%
14-Day Stochastic: 18.03%
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Bourque Industries had been on a serious run since Christmas having just recently announced a deal with Shenzhen JBT Electronics Technology Co., LTD, a high technology LED company in Guangdong China. Although BORK stock had already been on a month long run, the news was enough to pump the share price over a dime and into the million share volume level.
What crushed it was the looming sentencing hearing from a 2009 arrest of the armor-plate maker CEO for aggravated DUI with a revoked or suspended license, and aggravated DUI with a blood-alcohol level of 0.08 or more. The jury conviction which held a maximum 7 1/2 years in prison is for similar charges which John Borque was released from state prison in November, 2007 for after spending 3 years in the joint. The prior conviction stemmed from a 2002 arrest for aggravated DUI.
No fraud occurred other than the fact that convicted felons can not be directors of a publicly traded company. No money was stolen except for the massive dilution of John’s 93,207,998 shares of BORK common stock and 100,000,000 Series A preferred shares since he won’t be using them from prison. But more importantly, nothing has changed for the Company, Borque Industries and their ability to conduct business with their new Chinese buyers – or has it.
Bargain shoppers on the OTC will be watching BORK stock like a hawk, a stock that will bounce once the soap in the shower hits the floor the first time at around 2 minutes past midnight: 0.02.
About BORK Stock
Bourque Industries, Inc. operates as a holding company and through its subsidiaries manufactures and markets metal plates and terminator thin line plates for law enforcement and military markets. Click here to view the financial filings for BORK on OTCMarkets.
Last 5 Trading Sessions:
Bottom Line: BORK stock traders looking long due to the gains it has achieved since Christmas got prison raped Wednesday and the bleeding has not yet ended. Looking for a penny stock that is set to force traders to average down, have BORK stock ready for a quick turn when it hits the .03 level on Thursday and don’t drop the soap.Share