Emergency notice: UTK
My heart dropped when I looked at my computer this morning.
As of this writing (11:58am) UTK is trading at $12.99 (down $6). The average volume is about 30,000 shares a day but so far it has traded almost 700,000 shares in just over 2 hours of trading. This is an emergency case.
Please go to the website called Sharesleuth at: www.sharesleuth.com
It says that the company UTEK (UTK) is a fraud. That the shares it owns in various companies are worth almost nothing. What's my take? I do not know the answer. There are no official news from the company itself.
The best course of action is to wait until the dust settles.
I have personally met with the CEO of UTK. My gut tells me that he is not a crook. You don't find too many crooks that have earned PH.D. But I can be wrong. This is why we need to diversify our holdings. In stock investing, diversification is key. For the Acetrader portfolio, UTK represents about 8% of the total value. This is a good size of the portfolio but not big enough to cause too much damage. The kinds of damage that you can not get out of.
I will update you on this frequently.
I am not selling my shares until I find out the truth.
You should do the same - "never panic".
P.S: Please note that the principals of the article Sharesleuth.com shorted 75,000 shares of UTK. Hmmm...
As of this writing (11:58am) UTK is trading at $12.99 (down $6). The average volume is about 30,000 shares a day but so far it has traded almost 700,000 shares in just over 2 hours of trading. This is an emergency case.
Please go to the website called Sharesleuth at: www.sharesleuth.com
It says that the company UTEK (UTK) is a fraud. That the shares it owns in various companies are worth almost nothing. What's my take? I do not know the answer. There are no official news from the company itself.
The best course of action is to wait until the dust settles.
I have personally met with the CEO of UTK. My gut tells me that he is not a crook. You don't find too many crooks that have earned PH.D. But I can be wrong. This is why we need to diversify our holdings. In stock investing, diversification is key. For the Acetrader portfolio, UTK represents about 8% of the total value. This is a good size of the portfolio but not big enough to cause too much damage. The kinds of damage that you can not get out of.
I will update you on this frequently.
I am not selling my shares until I find out the truth.
You should do the same - "never panic".
P.S: Please note that the principals of the article Sharesleuth.com shorted 75,000 shares of UTK. Hmmm...
posted by Jaewoo | 12:03 PM
4 Comments:
Thank you for the quick tip, Jae. This morning, I was wondering what is happening in this company. I'll just wait and see. Hwan
Jaewoo:
i saw the article (www.sharesleuth.com) this morning.
I remembered you attended their presentation before. so, my first reaction to that is - let me check if Jaewoo has an opinion on their management team - to me, that is more important than trying to figure out whether the article is right or wrong (or there is no right or wrong at all, just an opinion).
you have the information exactly what i am looking for right now - CEO is not a crook, in your opinion. it could be wrong, fair enough. I trust your gut (or call it 6th sense), and I will go for it. Not today, but in the next a couple of days.
hi, we haven't yet done the lunch thing. ..
Siyu
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So the question is if this is just a paper company that is not worth anything? Something like money laundering to make other stocks look legitimate? Does SEC investigate stuff like this?
Aunt Fanny from Miami
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