What is the name of your state? MA or FL
Given that this was in 1999 likely too late anyway but I'll take last ditch try. Bought 100 shares of security (Netlist NASD:BBAY). I was in MA but company based in FL. Company said they were doing a reverse 10-1 split. Stock closed previous day at $25. Next day on open, stock shares did 10-1 but price stayed at $25. So the $2500 was immediately worth $250.
Stock was very lightly traded. I believe the founders had sold stock short and somehow misled the market makers on this. The shorts would have made 1000% immediately on trade. SEC said it was a pink sheet security so they couldn't help. Out of jurisdiction for NASD. I can't prove who actually bought and sold it that day at this point, but have a strong hunch. Located founders on Internet who basically hung up on me.
Any ideas at all? Company basically folded shortly after this. Trust me on how it happened. I'm not crazy and fully understand the markets. It wasn't market fluctuations that caused it, it was illegal.
Thanks!
Given that this was in 1999 likely too late anyway but I'll take last ditch try. Bought 100 shares of security (Netlist NASD:BBAY). I was in MA but company based in FL. Company said they were doing a reverse 10-1 split. Stock closed previous day at $25. Next day on open, stock shares did 10-1 but price stayed at $25. So the $2500 was immediately worth $250.
Stock was very lightly traded. I believe the founders had sold stock short and somehow misled the market makers on this. The shorts would have made 1000% immediately on trade. SEC said it was a pink sheet security so they couldn't help. Out of jurisdiction for NASD. I can't prove who actually bought and sold it that day at this point, but have a strong hunch. Located founders on Internet who basically hung up on me.
Any ideas at all? Company basically folded shortly after this. Trust me on how it happened. I'm not crazy and fully understand the markets. It wasn't market fluctuations that caused it, it was illegal.
Thanks!