The Tragic Story Of African Copper Corp (OTCBB:ACCS)
Moderators on African Copper Corp (OTCBB:ACCS)’s Investor’s Hub message board have placed a picture of Star Wars’ Admiral Ackbar saying “It’s a trap!” on the home page and that pretty much sums the whole thing up. We deeply admire their sense of humor, but unfortunately some people aren’t laughing. After the humongous losses experienced during the last couple of days, we decided to do a quick recap and see where it all began and where it’s going.
The movement around ACCS started back in May. Rumors appeared on the message boards that a German affiliated newsletter of Awesome Penny Stocks has started a promotional campaign on ACCS, whose shares are also traded on the Berlin Stock Exchange under the symbol N3T. Many of APS’ previous picks have their presence on stock exchanges outside the US and that’s why traders were convinced that ACCS is the next in a long line of companies touted by the infamous Awesome Penny Stocks. There was increased volume for a couple of days and the interest culminated in a 43% loss on May 13.
Then things got eerily quiet for a few weeks and trading volumes subsided. Some of the investors who got seriously burned on the artificial hype (which was also aided by a couple of fluff press releases) were hoping that a large-scale pump campaign does occur so that they can bring some of the losses back.
The promotion did start but it brought a few surprises. Instead of APS jumping in on the pumping train, it was Victory Mark’s Penny Stock Heroes and Select Penny Stocks. In addition to the wrong pumper, investors saw the wrong price movement and as soon as the first emails arrived on June 20 the ticker took a horrendous plummet wiping out as much as 75% in a single day. This was followed by a small bounce on June 21 when ACCS closed around 24% above the previous value but by then, everybody was aware where this is going and during the next three sessions the ticker lost a further 75%. In total between May 5 when the first rumors appeared and yesterday, ACCS have wiped out a total of 96%.
Most of the traders didn’t expect that. A lot of people were actually quite happy while the APS rumors were still flying around and they thought that they will be able to play the pump and ripe some substantial profits from it. Just like some people did during the previous APS campaigns like Goff Corp (OTCMKTS:GOFF), where a positive trade was generally available for the better part of a month.
ACCS however, took a surprising leap into oblivion and if the trend continues the ticker might even reach the double-zero territory soon. Yet, hope still remains alive with some people and they are still checking Awesome Penny Stocks’ website every day hoping to finally see ACCS written on the banner at the top.
While this might happen, the likelihood of ACCS receiving a SEC suspension just like Polar Petroleum Corp (OTCMKTS:POLR), Biozoom Inc (OTCBB:BIZM), and Norstra Energy Inc (OTCBB:NORX) did is very real as well. And for those of you who are still hoping to see ACCS being touted once again, you should bear in mind that APS are currently too busy helping Victory Mark with their second pump on Xumanii, Inc. f/k/a Medora Corp (OTCMKTS:XUII) and by the time they’re done with it, it might be too late.
