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| Promoter: | theOTC.today | Paying Party: | No Third Party |
| Stocks covered: | Compensation: | Avg $ Volume for Period: |
| COLV | No compensation | UNKNOWN |
| Max Profit: 8.82 % | Gain at close: 0.00 % |
COLV Pump & Dump Resumes Amid Litigation
June 6, 2016: The Coast Integrated Services, Inc. (COLV) fraud continued today as the newsletters of Stellar Media Group, including Damn Good Penny Picks, resumed promotional efforts. The pump and dump campaign--the seventh in 20 months--has seen share prices drop 99% since the ticker was first introduced to pigeons back in November of 2014. Today's promotional emails came after the number of shares outstanding more than tripled since the last promotion took place in November of 2015. Even with the vast increase in the number of shares, COLV's market cap has dropped from $123 million to just over $3 million.
Investors' eagerness to become bag holders is puzzling when considering that COLV itself admits that its Simply Lids product is valueless. Latest financials filed by the company list a total asset value of about thousand bucks, all in cash. Naturally, no revenues are reported.
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George Sharp |
» Related: Why the COLV Pump and Dump Is Already Failing
The scheme to defraud probably accounts for the company's decision to defer for as long as it can, the production of documents subpoenaed by anti penny stock fraud activist, George Sharp, who has filed litigation against COLV for its part in violating California's anti-spam statutes during a StockTips pump and dump email campaign. Today Sharp tweeted that it has filed two motions with the court seeking an order compelling COLV to comply with the subpoenas.
Sharp's first motion states that COLV did not even respond to its initial document requests which sought copies of attorney opinion letters that enabled the removal of restrictions from stock certificates thus enabling those shares to be dumped during promotional efforts.
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