Latteno Food Corp (OTCMKTS:LATF) Fails To Move Even With A Paid Pump

Last Tuesday around the closing time of the trading session we began receiving email alerts touting the stock of Latteno Food Corp (OTCMKTS:LATF). Before the end of the day a total of 7 emails were sent by Penny Picks, Penny Stock Newsletters, Prepump Stocks and the various other affiliates of Damn Good Penny Picks. For their services a compensation of $13 500 was disclosed.

The company also tried to entice investors and early in the morning on Wednesday published a new PR. Unfortunately instead of providing some information about the financial results for the third quarter of the year the press article was little more than fluff talking about the marijuana industry as a whole.

All of the efforts to hype-up the stock did result in increased daily volumes but that didn’t translate into price gains – on Wednesday LATF registered a minor gain of 7% just to fall down by 13% on the very next day. On Friday the stock opened at $0.0014, fluctuated a bit and closed at the exact same price – $0.0014. Throughout the session 271 million shares got traded surpassing the average for the company by nearly 4 times.

There certainly isn’t a shortage of reasons why investors are reluctant to jump into the stock. At the start of 2014 LATF decided to join the marijuana bandwagon and pushed by the overwhelming hype spiked above $0.02 per share but since then they have wiped over 90% of their share price.

In the PR dated October 31 the company announced that their quarterly report for the period ending September 30 should be filed shortly. Well, the deadline was November 15 but so far no report has been submitted.  A notification of late filing hasn’t been submitted either and as a result LATF now has the OTCMarkets Pink Limited Information Sign. The quarterly was supposed show how much revenues have the Colorodao grow farm operations generated but even more importantly it should reveal what the current number of outstanding shares is.

LATF has been putting its shareholders through a crushing dilution of the common stock. Between March 31, 2013 and June 30, 2014 the amount of outstanding shares grew from 3.1 BILLION to 5.27 BILLION. With a total authorized shares of 10 BILLION the issuance of shares might be still going on.

Until the report gets filed investors will be left to trade in the dark. The stock is sitting on verge of the triple zeros and any trades should be attempted only after doing extensive due diligence.