Is Pink Sheet Penny Stock Groupe Athena, Inc. (GATA) a scam?

Pink Sheet Penny Stock Groupe Athena, Inc. (OTCPINK: GATA.PK) is on the pump after reporting “record revenues” in their recent unaudited financial statements for the six months ended December 31, 2011.  Shares in GATA.PK traded more than 7x the 3 month average volume yesterday which indicates the pump is on.

Groupe Athena, Inc. is  a research and testing organization, provides technical and regulatory consulting services for biotechnical products, pharmaceuticals, diagnostics, medical equipment, and devices. The company helps various pharmaceutical companies in India and southeast Asia to get regulatory approvals and facilitate exports of pharmaceuticals to the United States.

However encouraging helping pharmaceutical companies get FDA approval sounds, the ticker symbol alone rings enough alarm bells to make a person do some further due diligence.  Here’s what we found:

GATA: Sexy Female Cat (Italian), barely, by the skin of one’s teeth (Spanish), Coconut Milk (Tagalog)
Exchange: Company trades on the Pink Sheets
Financial Statements: Unaudited (as most pink sheets company’s financials are)
SEC Company Search: No findings at Edgaronline
Revenues: No where indicated on any filings of the amounts being U.S. Dollars
Attorney Representation Letter: No website; yahoo email address and poorly scanned copy of opinion letter

So after this, the first thought that pops into my head is:  Would I want to try to milk a sexy cat’s nipples in the dark and try to get away with it by the skin of my teeth so that I don’t have to email my attorney on his yahoo account to bail me out in Rupees?

But then, that is my head and we do not own, nor plan to own, any shares in GATA.PK. Always do your own due diligence before entering into an investment.

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