Medbox Inc (OTCMKTS:MDBX) Keeps Spiraling Down

After a single green session over the last couple of weeks, yesterday Medbox Inc (OTCMKTS:MDBX) kept sliding. Volume picked up and over 1.1 million MDBX shares changed hands. The stock is still locked in a downward spiral, only briefly interrupted for a handful of sessions over the past two months.

On Monday the company announced that MDBX will be a ‘featured presenter’ at the Viridian Capital investor conference focused on cannabis. The conference is taking place today, in NY and will be invitation-only. The topic of the conference will be risk management with pot investments.

Speaking of risk, MDBX‘s chart movement in 2015 so far seems to be offering plenty of that for everyone. In January MDBX was trading for over $6 per share. Yesterday the stock closed at $0.28 per share. Traders on discussion boards keep forecasting what they consider a new resistance level but MDBX simply plows through such calculations and keeps logging lower closes.

The company got in trouble over revenue recognition errors and had to restate a number of financial reports. The new figures were considerably lower across the board, leading to a seriously dented bottom line. The issues with revenue recognition led to a SEC investigation and a torrent of litigation in the form of class action lawsuits.

The aftermath of all that is clearly visible on MDBX‘s chart. At this point any attempt to predict where MDBX will stop and remain level looks pretty futile.