Green Innovations Ltd. (OTCBB:GNIN) Announces Product to No Avail
Yesterday morning, Green Innovations Ltd. (OTCBB:GNIN) said in a press release it would be launching a line of tree-free bamboo-based bath tissue. The market reaction was limited.
GNIN closed down 0.43% at $0.695. The volume barely reached 209 thousand, which is the lowest value since the company started trading actively.
GNIN was pumped by paid newsletters and had a “report” giving it a 6 month price target of $5.62. The problem with the report was that the people who made it had been paid 2.6 million EUR to do so. Such reports have been a part of the history of most of the worst pump schemes in recent years.
The pump efforts and the company’s daily fluff press releases lured in a lot of investors with unrealistic expectations, the following crash was inevitable.
So far the only financial report is the annual for 2012, which cannot give the public the full picture. The quarterly for Q1 of 2013 should be filed within the next two weeks. Until such time, cautious market reactions to such announcements will be fully justified.