Despite the limited trading hours of yesterday’s session the stock of Latteno Food Corp. (OTCMKTS:LATF) still managed to crash on traded volume that more than doubled the average for the company. Investors managed to shift close to 120 million shares with a big chunk of the volume, around 50 million, getting dumped on the market right before the close. As a result of the massive sale of shares LATF corrected by more than 11% and dropped down to $0.004 per share.
Compared to its high of $0.02 posted just a couple of months ago the stock has lost around 80% of its value and there certainly isn’t a shortage of reasons for the depressing performance. LATF
started attracting attention when they announced their decision to join the marijuana industry. Despite their best efforts though LATF
shut down the first two subsidiaries that were supposed to carry the marijuana operations and in April the company was kicked out of the marijuana index due to their share price falling below the 1 cent mark.
have not given up though and are still trying to progress with their marijuana plans and through their newest subsidiary Rx Harvest Collective Inc. the company offers 4 types of marijuana strains and 6 types of edibles. On the site you can also find LATF‘s
latest product – the LT-512 sex magic pills that actually have nothing to do with marijuana.
In the last two official PR statements LATF
also put a link to an article issued by Sierra World Equity Review. In it Sierra claims that thanks to the magic pills LATF
is going to be featured in Playboy’s July edition. Should you believe such a bold prediction though? Well, not so long ago Sierra described herself as hot single supermodel that also makes stock projections, or in other words – she is a fictional character as stated by the disclaimer at the bottom of the page. There you can also read that the blog contains “entertainment and fictional posts”. Why would a company intentionally put a link to such a “credible” source in their official press release is up to you to decide.
But the problems around LATF
run far deeper. The company has been putting its shareholders through a crushing amount of dilution. At the start of 2013 the amount of outstanding shares was 34 million while 12 months later at the end of the year they had turned into 3.1 billion. Three months later at the end of March they had increased by another 1.4 billion to a total of 4.49 billion. And if you go to LATF
‘s official site you will see that less than two months after that another 430 million shares have seen the light of day.
On June 16 a joint venture with a grow farm developer was announced but investors seem reluctant to once again trust the
company. There is still quite a while before the next financial report is due so be sure to do your own due diligence in order to avoid any unnecessary losses.
Yesterday the stock of Neutra Corp. (OTCMKTS:NTRR
) and Plandai Biotechnology, Inc. (OTCMKTS:PLPL
) crashed after climbing up the chart for a couple of sessions. NTRR
crashed hard wiping 22% of its value and closing at $0.43 while PLPL
lost 10% and slid down to $0.54 per share.