- Report: #147961
Complaint Review: Wasatch Pharmaceutical WSCH.OB - Murray Utah
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Author Confirmed
Why?
Wasatch Pharmaceutical WSCH.OB
310 East 4500 South, Suite 450 Murray, 84107 Utah, U.S.A.
Phone:
801-266-2987
Web:
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Wasatch Pharmaceutical, WSCH.OB, ripoff, con artists, scammers, Murray Utah
Questionable practices with common stock offerings 25,000 to 1 reverse split on stock No answers on why this occured Changing of ticker symbol numerous times.
This is a 'penny' stock that one could purchase on the OTCBB (Over the counter bulletin board). The stock was originally offered at $0.0001 per share, of which I bought 2,000,000 for about $400.00 not including brokers fees. The stock was doing everything like any other stock was doing in these times, just bouncing around. The business also looked promising in some of their research areas.
In November of 2002, the company decided to do a reverse split on the stock, at the ridiculous split of 25,000 to 1. In essence, I now have 80 shares worth about $0.25 each; In all I have now only $80.00 for this stock, on top of that each investor was charged a $25.00 restructuring fee.
They did this to me also. I purchased 20,000 shares for $5000.00 and now these thieves are still on the loose. Whatever you do, do not buy, you will be sorry.
Robbed
Chicago, Illinois
U.S.A.
This is a 'penny' stock that one could purchase on the OTCBB (Over the counter bulletin board). The stock was originally offered at $0.0001 per share, of which I bought 2,000,000 for about $400.00 not including brokers fees. The stock was doing everything like any other stock was doing in these times, just bouncing around. The business also looked promising in some of their research areas.
In November of 2002, the company decided to do a reverse split on the stock, at the ridiculous split of 25,000 to 1. In essence, I now have 80 shares worth about $0.25 each; In all I have now only $80.00 for this stock, on top of that each investor was charged a $25.00 restructuring fee.
They did this to me also. I purchased 20,000 shares for $5000.00 and now these thieves are still on the loose. Whatever you do, do not buy, you will be sorry.
Robbed
Chicago, Illinois
U.S.A.
2 Updates & Rebuttals
Stanley
Richton Park,Illinois,
U.S.A.
Company in Trouble
#2Author of original report
Thu, June 30, 2005
If you think this is unfounded, please read this and stay out of things YOU DO NOT understand! And for all those who are spectators and not here to help save your meaningless comments. http://sec.gov/litigation/complaints/comp18057.htm
Kathy
Atlanta,Georgia,
U.S.A.
Lacks a Basic Understanding of the Stock Market
#3Consumer Comment
Wed, June 29, 2005
If you had 2,000,000 shares at $.0001, your investment was worth $200. (2,000,000 x .0001). After a 25,000 to 1 reverse split, you would have 80 shares at $2.50 per share, for a total investment of $200. If your investment has lost value, it is because of other factors, not the split. Stock splits do not in any way whatsoever change the value of your investment. If you do not understand that very basic principle, you should not be investing in stocks. If you lost money investing in a "penny stock", you have nothing to whine about. Penny stocks are the riskiest investments and you willingly took the risk when you bought the stock. Calling them "thieves" is unfounded.
