Max Sound Corp (OTCBB:MAXD) Scuttles Down the Chart
After a news-driven chart spike, the share price of Max Sound Corp (OTCBB:MAXD) is coming down hard. Yesterday MAXD dropped 18%, down to $0.034 per share, as volume jumped back over 5 million shares.
The company got a delicious chart boost last week, after dropping a press release in the small hours on Saturday. MAXD announced that it had paid court filing fees to have a German court pass final judgment on the lawsuit that MAXD filed against Google and Google subsidiaries.
The final hearing is scheduled for early December and it will close on the same day. The court has another couple of weeks to pass final judgment on the matter. The lawsuit seeks to have injunctions imposed on Google and Youtube for using technology, which, as the OTC company alleges, infringes on MAXD‘s own patent portfolio.
This lawsuit seems to be MAXD‘s biggest claim to fame at the moment as the company is not doing well at all on the fundamental side of things. Here is what MAXD‘s Q2 report contains:
- $6 thousand in cash
- $6 million in current liabilities
- ZERO in revenues for Jan-Jun 2015
- $4.8 million in net loss for Jan-Jun 2015
Investors will be hard pressed to find anything exciting about this sort of balance sheet. MAXD‘s best bet seems to be grabbing a chunk of Google money in case the court rules in favor of David and Goliath has to settle. A large cash infusion can help the stock clamber up the charts to levels it frequented earlier this year. Conversely, if Google comes on top, there is no telling just how low MAXD can skid.
Until the court’s final ruling is made public traders have the weak report to look at and the hope that MAXD is right in its “pursuit of justice”, as the PR calls the lawsuit.
