ScripsAmerica, Inc. (OTCBB:SCRC) Still Sliding
Yesterday ScripsAmerica, Inc. (OTCBB:SCRC) was pressed another 16% down to a close of $0.32 per share. The ticker is plodding through a rough patch after trading over a dollar just eight sessions earlier.
ScripsAmerica is a drug distribution company that has several items of interest under its belt that many other OTC pharma businesses don’t boast. Those include a marketable product in the form of their dissolving tablets, as well as a trade partner in the face of McKesson Corp. – a major North American distributor.
Driven by positive PR and a confident shareholder base, SCRC went through a major surge starting mid-to-late June and maintained that for almost one full month, with a single red close in eighteen consecutive monster sessions that took place on volume that fluctuated but always remained well above the average. The remarkable thing about this run is that, up to a point, it happened without any stock pumpers interfering. Then an outfit going by the name Money Runners (MR) attached their tentacles to the stock, sending several tout emails starting July 8. Charitable and unpaid as the pump was, MR disclosed owning an unnamed ‘small’ amount of SCRC shares as early as the first email, stating their intentions to buy ‘a lot more’.
By convenient coincidence, on the very first red day in July, on which SCRC crashed 57%, the MR touts came to a halt. The promoters lamented the unfortunate drop blaming shorters and dumpers but considering their previous statements and the sudden cessation of the pump campaign, it looks as though the drop may well have been caused by MR offloading their ‘a lot more’ shares. In this case the stock in question appears to have legitimately fallen victim to a promoter outfit.
SCRC came up with one more press release soon after the first crash, announcing a new distribution agreement and the PR propped the price up for a couple more days before it returned to sliding once again. With investor confidence somewhat shaken up after the first harsh dump, it remains to be seen whether SCRC has what it takes to pull through and stop the slide.
Other sector companies that made waves in yesterday’s session included Liberator Medical Holdings, Inc. (OTCBB:LBMH) who closed 14% down. Bio Matrix Scientific Group, Inc. (OTCMKTS:BMSN) were more fortunate, logging a green day but still staying under half a cent per share.
