eCrypt Technologies, Inc. (OTCBB:ECRY) Pump Turns Sour
eCrypt Technologies, Inc. (OTCBB:ECRY), one of the most notorious pumps currently going on on the OTC Markets, crashed 12.08% after it was covered by a popular online stock commenter.
The review that made ECRY plunge in the red once more hit the web before yesterday’s session. Although it didn’t really bring any new information or bring investors any insightful conclusions that some basic due diligence could not have brought, its effect on the market was profound. The first hour or so of trading was a veritable disaster for ECRY, but that was to be expected.
What was odd is the fact that the stock eventually managed to recover some of its value and by the end of the session the drop wasn’t as severe as it could have been – and should have been, judging by the company’s mediocre achievements:
- Cash (and total current assets) – $26 thousand
- Assets – $31 thousand
- Liabilities – $1.8 million
- NO QUARTERLY REVENUES
- Quarterly net loss – $164 thousand
It is a well known fact that pumps lose their effectiveness over time, and this specific campaign has been going on for quite a while. Moreover, once a pumped ticker starts to crash, the resulting frenzy of selling usually slams it further down in no time at all.
All in all – this turn of events does not bode well for ECRY.
