3D developer Empire Post Media, Inc. (OTC Pink: EMPM.PK) saw its penny stock price drop 3 cents, -15%, to $0.17 in the last trading session. The company issued a similar announcement to that which highly promoted penny stock Sunpeaks Ventures (OTCBB: SNPK) issued a few weeks ago after the close of trading Friday.
EMPM announced that it too is reviewing through outside counsel the high volume of trading and price rise in its penny stock on the OTC Bulletin Board. The announcement comes just hours after the company released statements about plans to produce a 3D feature film about a modern-day treasure hunt for gold hidden by the Japanese army during World War II.
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Shares in the pink sheets stock had a mere 148 trades executed in the last trading session with volume of 1,759,574. EMPM now has a Market Capitalization of $50.05 Million and its stock price is trading at nearly $1 under the 52 Week High, (8/22/2011) $1.1300.
Empire Post Media actually mentions in the press release that although new investors could result in a the penny stock’s price appreciation. The company also states that no officers, directors, affiliates or employees of EMPM have initiated and/or paid for any awareness program.
Furthermore, no shares held by current Empire officers, directors, affiliates or employees are being sold into the market as all of their shares are restricted from trading under applicable federal securities laws.
EMPM suggests that potential investors who are interested in current information about the Company to consider only information issued directly by the Company in filings with the SEC, and press releases published by the Company. It s also recommend that all potential shareholders refer to the Company website.
The view the press release, click here.
Bottom Line: If you ever see the words “strong buy” affiliated with an OTC listed stock, raise the flag (the red one). If you see the phrase “price target” affiliated with it as well, use your other hand to raise another flag. The promoters picked a perfect penny stock to pump with EMPM, a 3D technology company. Technology creates a huge buzz and tech stocks are notorious for running hot and fast. The Empire pump has been going since September 23, 2011.
The pump has really picked up in recent weeks with a budget close to that of SNPK and, as with any big promotion, lots of “news” and press releases are being issued daily. An easy way to spot a “pump” is when “news” comes out on a regular basis “after” the market has closed which builds hype for the next trading session.
From January 1 to February 17, EMPM had a mere 9 press releases and/or earnings reports. They have matched that with another 9 in the last week. The only news that is worthy on Empire Post is that they lost $87,081 in 2011 and $61,654 in 2010.