Does Harry Lappa, CEO of North Springs Resources Corp. (OTC: NSRS.OB) think his shareholders are stupid? Once the hottest penny stock, NSRS has dropped 75% since last week’s brief stay at $1.72. Yesterday, the penny stock recorded 8,775 trades; 120,276,831 Million shares which totaled $64,830,157 transacted in the penny stock, further plunging NSRS to $0.43 (down -27.24%) and making it one of the more volatile stocks to trade. No wonder the top search for this stock is “NSRS scam.”
Rather than addressing the growing concern of the past week to shareholders, Harry Lappa announces another negotiation to acquire interest on multiple producing gold properties and a their related mill operations in Chihuahua, Mexico.
The once Rottweiler penny stock has become a Chihuahua.
NSRS YTD Stock Chart:
A Letter to Harry and all NSRS shareholders:
Companies, especially publicly traded companies, exist to make money for their shareholders. The shareholders of a publicly traded company are the company owners even if for a only a brief period. So, when your company’s, NSRS, share price drops sharply, the owners lose value and deserve an explanation. In the real world, the CEO, unable to sleep and with a feeling of despair in the pit of his stomach, should take to the podium and address his shareholders.
Concern is raised simply because promoting companies is a necessity since penny stocks rarely get the attention they need from Wall Street in order to raise capital to pursue their company’s objectives. Pump and Dumps like what the resume of Harry Lappa presents is bad for everyone but him and those in his circle. NSRS shareholders did make good money, including myself, when the stock ran from $0.07 to $1.72. But this press release after press release is bad for investor confidence, bad for the industry and just bad in general.
Chance are that the only gold NSRS will pick is from the noses of the CEO. With the millions NSRS has generated and the millions Harry made since he split the stock twice to create the 696 million shares in the company, the least that can be done is to support the stock price so investors don’t get burned.
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